Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,487/mo
Lowest payment- Down payment
- $427,255
- Funds due
- $439,487
- Interest + MI left
- $49,867
- First ends
- Feb 2040
Assumption
Assumption + second
$4,138/mo
+$2,651/mo- Down payment
- $57,255
- Funds due
- $70,815
- Interest + MI left
- $634,128
- First ends
- Feb 2040
New loan
New conventional
$3,928/mo
+$2,440/mo- Down payment
- $57,255
- Funds due
- $67,497
- Interest + MI left
- $776,096
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $141,745 | $141,745 | $511,745 |
| Second mortgage | — | $370,000 | — |
| First P&I | $1,205.10 | $1,205.10 | $3,543.22 |
| Second P&I | — | $2,650.73 | — |
| Mortgage insurance | — | — | $102.35 |
| Taxes, insurance & HOA | $282.08 | $282.08 | $282.08 |
| Total housing payment | $1,487.19 | $4,137.91 | $3,927.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,255
Closing costs & prepaids$13,560
Usable credit−$0
Total buyer cash needed$70,815
Earnest money paid−$0
Remaining funds due$70,815
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,690.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$708.72
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)$346.25
Prepaid interest, first (1 days)$18.56
Prepaid interest, second (1 days)$78.56
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 closing13 yr 3 moOf the original 30-year loan at 4.780%
Interest already paid$153,750Through Nov 2026
Assumption only · ends Feb 2040$49,867
Assumption + second · ends Feb 2040, second Dec 2056$634,128
New conventional · ends Dec 2056$776,096