Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,168/mo
Lowest payment- Down payment
- $628,883
- Funds due
- $643,226
- Interest + MI left
- $23,298
- First ends
- Sep 2042
Assumption
Assumption + second
$5,166/mo
+$3,998/mo- Down payment
- $70,883
- Funds due
- $86,595
- Interest + MI left
- $904,427
- First ends
- Sep 2042
New loan
New conventional
$5,153/mo
+$3,985/mo- Down payment
- $70,883
- Funds due
- $83,490
- Interest + MI left
- $953,972
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $71,117 | $71,117 | $629,117 |
| Second mortgage | — | $558,000 | — |
| First P&I | $496.92 | $496.92 | $4,355.88 |
| Second P&I | — | $3,997.58 | — |
| Mortgage insurance | — | — | $125.82 |
| Taxes, insurance & HOA | $671.00 | $671.00 | $671.00 |
| Total housing payment | $1,167.92 | $5,165.50 | $5,152.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$70,883
Closing costs & prepaids$15,712
Usable credit−$0
Total buyer cash needed$86,595
Earnest money paid−$0
Remaining funds due$86,595
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$355.59
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)$873.00
Initial HOA (3 months)$639.99
Prepaid interest, first (1 days)$7.31
Prepaid interest, second (1 days)$118.48
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 closing15 yr 10 moOf the original 30-year loan at 3.750%
Interest already paid$48,294Through Nov 2026
Assumption only · ends Sep 2042$23,298
Assumption + second · ends Sep 2042, second Dec 2056$904,427
New conventional · ends Dec 2056$953,972