Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,724/mo
Lowest payment- Down payment
- $423,456
- Funds due
- $439,722
- Interest + MI left
- $108,194
- First ends
- Sep 2044
Assumption
Assumption + second
$5,260/mo
+$2,536/mo- Down payment
- $69,456
- Funds due
- $87,423
- Interest + MI left
- $667,190
- First ends
- Sep 2044
New loan
New conventional
$5,281/mo
+$2,557/mo- Down payment
- $69,456
- Funds due
- $83,476
- Interest + MI left
- $900,027
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $261,544 | $261,544 | $615,544 |
| Second mortgage | — | $354,000 | — |
| First P&I | $1,735.86 | $1,735.86 | $4,169.91 |
| Second P&I | — | $2,536.10 | — |
| Mortgage insurance | — | — | $123.11 |
| Taxes, insurance & HOA | $987.67 | $987.67 | $987.67 |
| Total housing payment | $2,723.53 | $5,259.63 | $5,280.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$69,456
Closing costs & prepaids$17,968
Usable credit−$0
Total buyer cash needed$87,423
Earnest money paid−$0
Remaining funds due$87,423
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,307.72
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)$2,431.75
Initial HOA (3 months)$31.26
Prepaid interest, first (6 days)$177.99
Prepaid interest, second (6 days)$450.99
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 4.14%
Interest already paid$159,191Through Dec 2026
Assumption only · ends Sep 2044$108,194
Assumption + second · ends Sep 2044, second Jan 2057$667,190
New conventional · ends Jan 2057$900,027