Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,439/mo
Lowest payment- Down payment
- $365,600
- Funds due
- $377,822
- Interest + MI left
- $66,946
- First ends
- Dec 2044
Assumption
Assumption + second
$3,682/mo
+$2,242/mo- Down payment
- $52,600
- Funds due
- $66,139
- Interest + MI left
- $561,199
- First ends
- Dec 2044
New loan
New conventional
$3,762/mo
+$2,322/mo- Down payment
- $52,600
- Funds due
- $62,784
- Interest + MI left
- $716,426
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $159,400 | $159,400 | $472,400 |
| Second mortgage | — | $313,000 | — |
| First P&I | $1,043.07 | $1,043.07 | $3,270.80 |
| Second P&I | — | $2,242.37 | — |
| Mortgage insurance | — | — | $94.48 |
| Taxes, insurance & HOA | $396.33 | $396.33 | $396.33 |
| Total housing payment | $1,439.40 | $3,681.77 | $3,761.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,600
Closing costs & prepaids$13,538
Usable credit−$0
Total buyer cash needed$66,139
Earnest money paid−$0
Remaining funds due$66,139
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$797.00
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)$635.00
Initial HOA (3 months)$54.00
Prepaid interest, first (1 days)$17.99
Prepaid interest, second (1 days)$66.46
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 1 moOf the original 30-year loan at 4.120%
Interest already paid$93,208Through Nov 2026
Assumption only · ends Dec 2044$66,946
Assumption + second · ends Dec 2044, second Dec 2056$561,199
New conventional · ends Dec 2056$716,426