Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,094/mo
Lowest payment- Down payment
- $425,162
- Funds due
- $438,576
- Interest + MI left
- $60,514
- First ends
- Apr 2039
Assumption
Assumption + second
$4,709/mo
+$2,615/mo- Down payment
- $60,162
- Funds due
- $74,904
- Interest + MI left
- $636,880
- First ends
- Apr 2039
New loan
New conventional
$4,359/mo
+$2,266/mo- Down payment
- $60,162
- Funds due
- $71,397
- Interest + MI left
- $817,184
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $173,838 | $173,838 | $538,838 |
| Second mortgage | — | $365,000 | — |
| First P&I | $1,572.83 | $1,572.83 | $3,730.81 |
| Second P&I | — | $2,614.90 | — |
| Mortgage insurance | — | — | $107.77 |
| Taxes, insurance & HOA | $520.92 | $520.92 | $520.92 |
| Total housing payment | $2,093.75 | $4,708.65 | $4,359.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,162
Closing costs & prepaids$14,741
Usable credit−$0
Total buyer cash needed$74,904
Earnest money paid−$0
Remaining funds due$74,904
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$869.19
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)$762.75
Initial HOA (3 months)$300.00
Prepaid interest, first (1 days)$24.05
Prepaid interest, second (1 days)$77.50
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 closing12 yr 5 moOf the original 30-year loan at 5.050%
Interest already paid$214,376Through Nov 2026
Assumption only · ends Apr 2039$60,514
Assumption + second · ends Apr 2039, second Dec 2056$636,880
New conventional · ends Dec 2056$817,184