Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,944/mo
Lowest payment- Down payment
- $424,203
- Funds due
- $438,407
- Interest + MI left
- $93,723
- First ends
- Sep 2045
Assumption
Assumption + second
$4,516/mo
+$2,572/mo- Down payment
- $65,203
- Funds due
- $80,734
- Interest + MI left
- $660,614
- First ends
- Sep 2045
New loan
New conventional
$4,685/mo
+$2,741/mo- Down payment
- $65,203
- Funds due
- $76,947
- Interest + MI left
- $880,666
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $221,697 | $221,697 | $580,697 |
| Second mortgage | — | $359,000 | — |
| First P&I | $1,395.66 | $1,395.66 | $4,020.63 |
| Second P&I | — | $2,571.92 | — |
| Mortgage insurance | — | — | $116.14 |
| Taxes, insurance & HOA | $548.25 | $548.25 | $548.25 |
| Total housing payment | $1,943.92 | $4,515.84 | $4,685.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,203
Closing costs & prepaids$15,531
Usable credit−$0
Total buyer cash needed$80,734
Earnest money paid−$0
Remaining funds due$80,734
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,459.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,108.49
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)$965.75
Initial HOA (3 months)$179.01
Prepaid interest, first (1 days)$24.17
Prepaid interest, second (1 days)$76.23
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing18 yr 10 moOf the original 30-year loan at 3.980%
Interest already paid$115,671Through Nov 2026
Assumption only · ends Sep 2045$93,723
Assumption + second · ends Sep 2045, second Dec 2056$660,614
New conventional · ends Dec 2056$880,666