Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,199/mo
Lowest payment- Down payment
- $511,164
- Funds due
- $524,251
- Interest + MI left
- $33,977
- First ends
- Nov 2042
Assumption
Assumption + second
$4,415/mo
+$3,217/mo- Down payment
- $62,164
- Funds due
- $76,597
- Interest + MI left
- $742,985
- First ends
- Nov 2042
New loan
New conventional
$4,429/mo
+$3,230/mo- Down payment
- $62,164
- Funds due
- $73,395
- Interest + MI left
- $845,996
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $108,836 | $108,836 | $557,836 |
| Second mortgage | — | $449,000 | — |
| First P&I | $743.82 | $743.82 | $3,862.34 |
| Second P&I | — | $3,216.69 | — |
| Mortgage insurance | — | — | $111.57 |
| Taxes, insurance & HOA | $454.83 | $454.83 | $454.83 |
| Total housing payment | $1,198.65 | $4,415.34 | $4,428.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,164
Closing costs & prepaids$14,433
Usable credit−$0
Total buyer cash needed$76,597
Earnest money paid−$0
Remaining funds due$76,597
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$544.18
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)$489.50
Initial HOA (3 months)$375.00
Prepaid interest, first (1 days)$10.59
Prepaid interest, second (1 days)$95.34
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 yrOf the original 30-year loan at 3.550%
Interest already paid$69,178Through Nov 2026
Assumption only · ends Nov 2042$33,977
Assumption + second · ends Nov 2042, second Dec 2056$742,985
New conventional · ends Dec 2056$845,996