Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,226/mo
Lowest payment- Down payment
- $442,137
- Funds due
- $454,787
- Interest + MI left
- $55,350
- First ends
- Apr 2046
Assumption
Assumption + second
$3,977/mo
+$2,751/mo- Down payment
- $58,137
- Funds due
- $72,118
- Interest + MI left
- $661,719
- First ends
- Apr 2046
New loan
New conventional
$4,100/mo
+$2,874/mo- Down payment
- $58,137
- Funds due
- $68,839
- Interest + MI left
- $783,754
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $132,863 | $132,863 | $516,863 |
| Second mortgage | — | $384,000 | — |
| First P&I | $807.78 | $807.78 | $3,578.66 |
| Second P&I | — | $2,751.02 | — |
| Mortgage insurance | — | — | $103.37 |
| Taxes, insurance & HOA | $417.75 | $417.75 | $417.75 |
| Total housing payment | $1,225.54 | $3,976.56 | $4,099.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,137
Closing costs & prepaids$13,981
Usable credit−$0
Total buyer cash needed$72,118
Earnest money paid−$0
Remaining funds due$72,118
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$664.31
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)$547.25
Initial HOA (3 months)$206.01
Prepaid interest, first (1 days)$13.87
Prepaid interest, second (1 days)$81.53
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 closing19 yr 5 moOf the original 30-year loan at 3.810%
Interest already paid$62,303Through Nov 2026
Assumption only · ends Apr 2046$55,350
Assumption + second · ends Apr 2046, second Dec 2056$661,719
New conventional · ends Dec 2056$783,754