Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,360/mo
Lowest payment- Down payment
- $425,306
- Funds due
- $437,964
- Interest + MI left
- $40,970
- First ends
- Sep 2042
Assumption
Assumption + second
$4,011/mo
+$2,651/mo- Down payment
- $55,306
- Funds due
- $69,921
- Interest + MI left
- $625,232
- First ends
- Sep 2042
New loan
New conventional
$3,934/mo
+$2,574/mo- Down payment
- $55,306
- Funds due
- $66,755
- Interest + MI left
- $723,324
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $124,694 | $124,694 | $494,694 |
| Second mortgage | — | $370,000 | — |
| First P&I | $876.53 | $876.53 | $3,351.23 |
| Second P&I | — | $2,650.73 | — |
| Mortgage insurance | — | — | $98.94 |
| Taxes, insurance & HOA | $483.67 | $483.67 | $483.67 |
| Total housing payment | $1,360.20 | $4,010.93 | $3,933.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,306
Closing costs & prepaids$14,616
Usable credit−$0
Total buyer cash needed$69,921
Earnest money paid−$0
Remaining funds due$69,921
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$623.47
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)$660.00
Initial HOA (3 months)$291.00
Prepaid interest, first (9 days)$116.22
Prepaid interest, second (9 days)$707.05
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 3.78%
Interest already paid$86,007Through Dec 2026
Assumption only · ends Sep 2042$40,970
Assumption + second · ends Sep 2042, second Jan 2057$625,232
New conventional · ends Jan 2057$723,324