Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,149/mo
Lowest payment- Down payment
- $609,157
- Funds due
- $623,301
- Interest + MI left
- $23,076
- First ends
- Sep 2042
Assumption
Assumption + second
$5,025/mo
+$3,876/mo- Down payment
- $68,157
- Funds due
- $84,585
- Interest + MI left
- $877,360
- First ends
- Sep 2042
New loan
New conventional
$4,919/mo
+$3,770/mo- Down payment
- $68,157
- Funds due
- $81,490
- Interest + MI left
- $894,616
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $70,843 | $70,843 | $611,843 |
| Second mortgage | — | $541,000 | — |
| First P&I | $496.92 | $496.92 | $4,144.84 |
| Second P&I | — | $3,875.79 | — |
| Mortgage insurance | — | — | $122.37 |
| Taxes, insurance & HOA | $652.00 | $652.00 | $652.00 |
| Total housing payment | $1,148.92 | $5,024.71 | $4,919.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$68,157
Closing costs & prepaids$16,428
Usable credit−$0
Total buyer cash needed$84,585
Earnest money paid−$0
Remaining funds due$84,585
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$354.21
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)$816.00
Initial HOA (3 months)$639.99
Prepaid interest, first (9 days)$65.51
Prepaid interest, second (9 days)$1,033.83
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 closing15 yr 9 moOf the original 30-year loan at 3.75%
Interest already paid$48,517Through Dec 2026
Assumption only · ends Sep 2042$23,076
Assumption + second · ends Sep 2042, second Jan 2057$877,360
New conventional · ends Jan 2057$894,616