Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,726/mo
Lowest payment- Down payment
- $380,814
- Funds due
- $393,933
- Interest + MI left
- $51,047
- First ends
- Nov 2042
Assumption
Assumption + second
$4,061/mo
+$2,336/mo- Down payment
- $54,814
- Funds due
- $69,529
- Interest + MI left
- $565,829
- First ends
- Nov 2042
New loan
New conventional
$4,009/mo
+$2,283/mo- Down payment
- $54,814
- Funds due
- $66,194
- Interest + MI left
- $709,179
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $159,086 | $159,086 | $485,086 |
| Second mortgage | — | $326,000 | — |
| First P&I | $1,100.17 | $1,100.17 | $3,286.14 |
| Second P&I | — | $2,335.50 | — |
| Mortgage insurance | — | — | $97.02 |
| Taxes, insurance & HOA | $625.58 | $625.58 | $625.58 |
| Total housing payment | $1,725.76 | $4,061.26 | $4,008.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,814
Closing costs & prepaids$14,715
Usable credit−$0
Total buyer cash needed$69,529
Earnest money paid−$0
Remaining funds due$69,529
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,399.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$795.43
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)$1,376.75
Prepaid interest, first (5 days)$79.76
Prepaid interest, second (5 days)$346.10
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 closing15 yr 11 moOf the original 30-year loan at 3.66%
Interest already paid$104,815Through Dec 2026
Assumption only · ends Nov 2042$51,047
Assumption + second · ends Nov 2042, second Jan 2057$565,829
New conventional · ends Jan 2057$709,179