Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,779/mo
Lowest payment- Down payment
- $483,009
- Funds due
- $497,139
- Interest + MI left
- $79,995
- First ends
- Mar 2044
Assumption
Assumption + second
$4,759/mo
+$2,980/mo- Down payment
- $67,009
- Funds due
- $82,566
- Interest + MI left
- $736,894
- First ends
- Mar 2044
New loan
New conventional
$4,779/mo
+$3,000/mo- Down payment
- $67,009
- Funds due
- $78,965
- Interest + MI left
- $906,742
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $181,891 | $181,891 | $597,891 |
| Second mortgage | — | $416,000 | — |
| First P&I | $1,259.07 | $1,259.07 | $4,139.68 |
| Second P&I | — | $2,980.27 | — |
| Mortgage insurance | — | — | $119.58 |
| Taxes, insurance & HOA | $519.75 | $519.75 | $519.75 |
| Total housing payment | $1,778.82 | $4,759.09 | $4,779.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$67,009
Closing costs & prepaids$15,557
Usable credit−$0
Total buyer cash needed$82,566
Earnest money paid−$0
Remaining funds due$82,566
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,649.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$909.46
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)$1,059.25
Prepaid interest, first (2 days)$44.65
Prepaid interest, second (2 days)$176.66
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing17 yr 4 moOf the original 30-year loan at 4.480%
Interest already paid$124,195Through Nov 2026
Assumption only · ends Mar 2044$79,995
Assumption + second · ends Mar 2044, second Dec 2056$736,894
New conventional · ends Dec 2056$906,742