Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,783/mo
Lowest payment- Down payment
- $402,619
- Funds due
- $415,511
- Interest + MI left
- $61,668
- First ends
- Mar 2041
Assumption
Assumption + second
$4,262/mo
+$2,479/mo- Down payment
- $56,619
- Funds due
- $70,834
- Interest + MI left
- $608,031
- First ends
- Mar 2041
New loan
New conventional
$4,102/mo
+$2,319/mo- Down payment
- $56,619
- Funds due
- $67,422
- Interest + MI left
- $770,994
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $162,381 | $162,381 | $508,381 |
| Second mortgage | — | $346,000 | — |
| First P&I | $1,302.61 | $1,302.61 | $3,519.93 |
| Second P&I | — | $2,478.79 | — |
| Mortgage insurance | — | — | $101.68 |
| Taxes, insurance & HOA | $480.42 | $480.42 | $480.42 |
| Total housing payment | $1,783.03 | $4,261.81 | $4,102.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,619
Closing costs & prepaids$14,216
Usable credit−$0
Total buyer cash needed$70,834
Earnest money paid−$0
Remaining funds due$70,834
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$811.91
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)$785.25
Initial HOA (3 months)$156.00
Prepaid interest, first (1 days)$21.09
Prepaid interest, second (1 days)$73.47
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 closing14 yr 4 moOf the original 30-year loan at 4.740%
Interest already paid$157,272Through Nov 2026
Assumption only · ends Mar 2041$61,668
Assumption + second · ends Mar 2041, second Dec 2056$608,031
New conventional · ends Dec 2056$770,994