Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,986/mo
Lowest payment- Down payment
- $370,197
- Funds due
- $388,886
- Interest + MI left
- $198,834
- First ends
- Jan 2044
Assumption
Assumption + second
$6,078/mo
+$2,092/mo- Down payment
- $78,197
- Funds due
- $98,384
- Interest + MI left
- $659,926
- First ends
- Jan 2044
New loan
New conventional
$5,868/mo
+$1,882/mo- Down payment
- $78,197
- Funds due
- $93,608
- Interest + MI left
- $1,006,696
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $404,703 | $404,703 | $696,703 |
| Second mortgage | — | $292,000 | — |
| First P&I | $2,944.08 | $2,944.08 | $4,686.77 |
| Second P&I | — | $2,091.92 | — |
| Mortgage insurance | — | — | $139.34 |
| Taxes, insurance & HOA | $1,042.00 | $1,042.00 | $1,042.00 |
| Total housing payment | $3,986.09 | $6,078.01 | $5,868.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$78,197
Closing costs & prepaids$20,187
Usable credit−$0
Total buyer cash needed$98,384
Earnest money paid−$0
Remaining funds due$98,384
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,749.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,023.52
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$1,976.00
Initial HOA (3 months)$500.01
Prepaid interest, first (4 days)$222.64
Prepaid interest, second (4 days)$248.00
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 1 moOf the original 30-year loan at 5.02%
Interest already paid$313,854Through Dec 2026
Assumption only · ends Jan 2044$198,834
Assumption + second · ends Jan 2044, second Jan 2057$659,926
New conventional · ends Jan 2057$1,006,696