Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,389/mo
Lowest payment- Down payment
- $441,442
- Funds due
- $454,169
- Interest + MI left
- $43,805
- First ends
- Jun 2042
Assumption
Assumption + second
$4,140/mo
+$2,751/mo- Down payment
- $57,442
- Funds due
- $71,501
- Interest + MI left
- $650,173
- First ends
- Jun 2042
New loan
New conventional
$4,119/mo
+$2,730/mo- Down payment
- $57,442
- Funds due
- $68,249
- Interest + MI left
- $777,329
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $128,558 | $128,558 | $512,558 |
| Second mortgage | — | $384,000 | — |
| First P&I | $921.73 | $921.73 | $3,548.85 |
| Second P&I | — | $2,751.02 | — |
| Mortgage insurance | — | — | $102.51 |
| Taxes, insurance & HOA | $467.50 | $467.50 | $467.50 |
| Total housing payment | $1,389.23 | $4,140.25 | $4,118.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,442
Closing costs & prepaids$14,059
Usable credit−$0
Total buyer cash needed$71,501
Earnest money paid−$0
Remaining funds due$71,501
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,700.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$642.79
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)$500.50
Initial HOA (3 months)$402.00
Prepaid interest, first (1 days)$13.91
Prepaid interest, second (1 days)$81.53
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 closing15 yr 7 moOf the original 30-year loan at 3.950%
Interest already paid$93,780Through Nov 2026
Assumption only · ends Jun 2042$43,805
Assumption + second · ends Jun 2042, second Dec 2056$650,173
New conventional · ends Dec 2056$777,329