Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,799/mo
Lowest payment- Down payment
- $431,655
- Funds due
- $445,534
- Interest + MI left
- $77,249
- First ends
- Jan 2045
Assumption
Assumption + second
$4,443/mo
+$2,644/mo- Down payment
- $62,655
- Funds due
- $77,862
- Interest + MI left
- $659,931
- First ends
- Jan 2045
New loan
New conventional
$4,564/mo
+$2,765/mo- Down payment
- $62,655
- Funds due
- $74,241
- Interest + MI left
- $852,834
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $193,345 | $193,345 | $562,345 |
| Second mortgage | — | $369,000 | — |
| First P&I | $1,241.26 | $1,241.26 | $3,893.56 |
| Second P&I | — | $2,643.56 | — |
| Mortgage insurance | — | — | $112.47 |
| Taxes, insurance & HOA | $557.83 | $557.83 | $557.83 |
| Total housing payment | $1,799.09 | $4,442.65 | $4,563.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,655
Closing costs & prepaids$15,207
Usable credit−$0
Total buyer cash needed$77,862
Earnest money paid−$0
Remaining funds due$77,862
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$966.72
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)$1,165.25
Initial HOA (3 months)$8.25
Prepaid interest, first (1 days)$20.76
Prepaid interest, second (1 days)$78.35
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 closing18 yr 2 moOf the original 30-year loan at 3.920%
Interest already paid$107,078Through Nov 2026
Assumption only · ends Jan 2045$77,249
Assumption + second · ends Jan 2045, second Dec 2056$659,931
New conventional · ends Dec 2056$852,834