Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,413/mo
Lowest payment- Down payment
- $382,357
- Funds due
- $394,626
- Interest + MI left
- $45,867
- First ends
- Jan 2043
Assumption
Assumption + second
$3,770/mo
+$2,357/mo- Down payment
- $53,357
- Funds due
- $66,945
- Interest + MI left
- $565,386
- First ends
- Jan 2043
New loan
New conventional
$3,811/mo
+$2,398/mo- Down payment
- $53,357
- Funds due
- $63,644
- Interest + MI left
- $722,710
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $147,543 | $147,543 | $476,543 |
| Second mortgage | — | $329,000 | — |
| First P&I | $996.96 | $996.96 | $3,299.49 |
| Second P&I | — | $2,357.00 | — |
| Mortgage insurance | — | — | $95.31 |
| Taxes, insurance & HOA | $416.50 | $416.50 | $416.50 |
| Total housing payment | $1,413.46 | $3,770.46 | $3,811.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,357
Closing costs & prepaids$13,588
Usable credit−$0
Total buyer cash needed$66,945
Earnest money paid−$0
Remaining funds due$66,945
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,299.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$737.71
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)$632.75
Initial HOA (3 months)$116.76
Prepaid interest, first (1 days)$14.15
Prepaid interest, second (1 days)$69.86
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 closing16 yr 2 moOf the original 30-year loan at 3.500%
Interest already paid$91,020Through Nov 2026
Assumption only · ends Jan 2043$45,867
Assumption + second · ends Jan 2043, second Dec 2056$565,386
New conventional · ends Dec 2056$722,710