Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,450/mo
Lowest payment- Down payment
- $522,701
- Funds due
- $536,841
- Interest + MI left
- $62,162
- First ends
- Mar 2047
Assumption
Assumption + second
$4,724/mo
+$3,274/mo- Down payment
- $65,701
- Funds due
- $81,188
- Interest + MI left
- $783,803
- First ends
- Mar 2047
New loan
New conventional
$4,836/mo
+$3,386/mo- Down payment
- $65,701
- Funds due
- $77,859
- Interest + MI left
- $885,860
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $127,199 | $127,199 | $584,199 |
| Second mortgage | — | $457,000 | — |
| First P&I | $776.07 | $776.07 | $4,044.88 |
| Second P&I | — | $3,274.00 | — |
| Mortgage insurance | — | — | $116.84 |
| Taxes, insurance & HOA | $674.08 | $674.08 | $674.08 |
| Total housing payment | $1,450.15 | $4,724.16 | $4,835.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,701
Closing costs & prepaids$15,487
Usable credit−$0
Total buyer cash needed$81,188
Earnest money paid−$0
Remaining funds due$81,188
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$636.00
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)$1,297.25
Initial HOA (3 months)$225.00
Prepaid interest, first (1 days)$14.64
Prepaid interest, second (1 days)$97.03
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 closing20 yr 4 moOf the original 30-year loan at 4.200%
Interest already paid$58,523Through Nov 2026
Assumption only · ends Mar 2047$62,162
Assumption + second · ends Mar 2047, second Dec 2056$783,803
New conventional · ends Dec 2056$885,860