Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,798/mo
Lowest payment- Down payment
- $379,647
- Funds due
- $392,957
- Interest + MI left
- $95,785
- First ends
- Oct 2045
Assumption
Assumption + second
$4,084/mo
+$2,285/mo- Down payment
- $60,647
- Funds due
- $75,275
- Interest + MI left
- $599,513
- First ends
- Oct 2045
New loan
New conventional
$4,245/mo
+$2,447/mo- Down payment
- $60,647
- Funds due
- $71,545
- Interest + MI left
- $816,341
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $219,353 | $219,353 | $538,353 |
| Second mortgage | — | $319,000 | — |
| First P&I | $1,388.27 | $1,388.27 | $3,727.45 |
| Second P&I | — | $2,285.36 | — |
| Mortgage insurance | — | — | $107.67 |
| Taxes, insurance & HOA | $410.17 | $410.17 | $410.17 |
| Total housing payment | $1,798.44 | $4,083.79 | $4,245.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,647
Closing costs & prepaids$14,628
Usable credit−$0
Total buyer cash needed$75,275
Earnest money paid−$0
Remaining funds due$75,275
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,096.76
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)$730.50
Prepaid interest, first (1 days)$24.52
Prepaid interest, second (1 days)$67.73
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 11 moOf the original 30-year loan at 4.080%
Interest already paid$115,993Through Nov 2026
Assumption only · ends Oct 2045$95,785
Assumption + second · ends Oct 2045, second Dec 2056$599,513
New conventional · ends Dec 2056$816,341