Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,746/mo
Lowest payment- Down payment
- $432,912
- Funds due
- $449,290
- Interest + MI left
- $109,868
- First ends
- Sep 2044
Assumption
Assumption + second
$5,346/mo
+$2,601/mo- Down payment
- $69,912
- Funds due
- $87,925
- Interest + MI left
- $683,076
- First ends
- Sep 2044
New loan
New conventional
$5,359/mo
+$2,613/mo- Down payment
- $69,912
- Funds due
- $83,951
- Interest + MI left
- $913,982
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $262,088 | $262,088 | $625,088 |
| Second mortgage | — | $363,000 | — |
| First P&I | $1,746.27 | $1,746.27 | $4,234.56 |
| Second P&I | — | $2,600.58 | — |
| Mortgage insurance | — | — | $125.02 |
| Taxes, insurance & HOA | $999.50 | $999.50 | $999.50 |
| Total housing payment | $2,745.78 | $5,346.35 | $5,359.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$69,912
Closing costs & prepaids$18,013
Usable credit−$0
Total buyer cash needed$87,925
Earnest money paid−$0
Remaining funds due$87,925
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,310.44
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)$2,467.25
Initial HOA (3 months)$31.26
Prepaid interest, first (5 days)$150.43
Prepaid interest, second (5 days)$385.38
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 closing17 yr 9 moOf the original 30-year loan at 4.19%
Interest already paid$161,265Through Dec 2026
Assumption only · ends Sep 2044$109,868
Assumption + second · ends Sep 2044, second Jan 2057$683,076
New conventional · ends Jan 2057$913,982