Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,176/mo
Lowest payment- Down payment
- $361,078
- Funds due
- $372,498
- Interest + MI left
- $35,290
- First ends
- Apr 2042
Assumption
Assumption + second
$3,426/mo
+$2,250/mo- Down payment
- $47,078
- Funds due
- $59,815
- Interest + MI left
- $531,122
- First ends
- Apr 2042
New loan
New conventional
$3,401/mo
+$2,225/mo- Down payment
- $47,078
- Funds due
- $56,788
- Interest + MI left
- $633,723
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $103,922 | $103,922 | $417,922 |
| Second mortgage | — | $314,000 | — |
| First P&I | $752.50 | $752.50 | $2,893.61 |
| Second P&I | — | $2,249.53 | — |
| Mortgage insurance | — | — | $83.58 |
| Taxes, insurance & HOA | $423.75 | $423.75 | $423.75 |
| Total housing payment | $1,176.25 | $3,425.78 | $3,400.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,078
Closing costs & prepaids$12,737
Usable credit−$0
Total buyer cash needed$59,815
Earnest money paid−$0
Remaining funds due$59,815
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$519.61
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)$539.75
Initial HOA (3 months)$231.51
Prepaid interest, first (1 days)$11.33
Prepaid interest, second (1 days)$66.67
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 5 moOf the original 30-year loan at 3.980%
Interest already paid$77,609Through Nov 2026
Assumption only · ends Apr 2042$35,290
Assumption + second · ends Apr 2042, second Dec 2056$531,122
New conventional · ends Dec 2056$633,723