Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,476/mo
Lowest payment- Down payment
- $404,455
- Funds due
- $420,135
- Interest + MI left
- $37,968
- First ends
- Jun 2042
Assumption
Assumption + second
$4,955/mo
+$2,479/mo- Down payment
- $58,455
- Funds due
- $75,532
- Interest + MI left
- $584,331
- First ends
- Jun 2042
New loan
New conventional
$5,041/mo
+$2,565/mo- Down payment
- $58,455
- Funds due
- $72,089
- Interest + MI left
- $783,272
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $170,545 | $170,545 | $516,545 |
| Second mortgage | — | $346,000 | — |
| First P&I | $1,115.04 | $1,115.04 | $3,576.45 |
| Second P&I | — | $2,478.79 | — |
| Mortgage insurance | — | — | $103.31 |
| Taxes, insurance & HOA | $1,361.42 | $1,361.42 | $1,361.42 |
| Total housing payment | $2,476.46 | $4,955.25 | $5,041.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,455
Closing costs & prepaids$17,077
Usable credit−$0
Total buyer cash needed$75,532
Earnest money paid−$0
Remaining funds due$75,532
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%)$852.72
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)$3,443.25
Initial HOA (3 months)$141.00
Prepaid interest, first (2 days)$24.86
Prepaid interest, second (2 days)$146.93
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 closing15 yr 7 moOf the original 21-year loan at 2.660%
Interest already paid$27,910Through Nov 2026
Assumption only · ends Jun 2042$37,968
Assumption + second · ends Jun 2042, second Dec 2056$584,331
New conventional · ends Dec 2056$783,272