Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,003/mo
Lowest payment- Down payment
- $428,569
- Funds due
- $443,370
- Interest + MI left
- $81,446
- First ends
- Apr 2046
Assumption
Assumption + second
$4,625/mo
+$2,622/mo- Down payment
- $62,569
- Funds due
- $79,320
- Interest + MI left
- $659,391
- First ends
- Apr 2046
New loan
New conventional
$4,728/mo
+$2,725/mo- Down payment
- $62,569
- Funds due
- $75,781
- Interest + MI left
- $822,367
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $196,431 | $196,431 | $562,431 |
| Second mortgage | — | $366,000 | — |
| First P&I | $1,197.75 | $1,197.75 | $3,810.10 |
| Second P&I | — | $2,622.07 | — |
| Mortgage insurance | — | — | $112.49 |
| Taxes, insurance & HOA | $805.67 | $805.67 | $805.67 |
| Total housing payment | $2,003.41 | $4,625.48 | $4,728.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,569
Closing costs & prepaids$16,751
Usable credit−$0
Total buyer cash needed$79,320
Earnest money paid−$0
Remaining funds due$79,320
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$982.16
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$750.00
Initial HOA (3 months)$1,167.00
Prepaid interest, first (9 days)$184.54
Prepaid interest, second (9 days)$699.41
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing19 yr 4 moOf the original 30-year loan at 3.81%
Interest already paid$93,006Through Dec 2026
Assumption only · ends Apr 2046$81,446
Assumption + second · ends Apr 2046, second Jan 2057$659,391
New conventional · ends Jan 2057$822,367