Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,325/mo
Lowest payment- Down payment
- $424,823
- Funds due
- $437,276
- Interest + MI left
- $41,365
- First ends
- Sep 2042
Assumption
Assumption + second
$3,969/mo
+$2,644/mo- Down payment
- $55,823
- Funds due
- $69,604
- Interest + MI left
- $624,047
- First ends
- Sep 2042
New loan
New conventional
$3,969/mo
+$2,644/mo- Down payment
- $55,823
- Funds due
- $66,386
- Interest + MI left
- $749,354
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $125,177 | $125,177 | $494,177 |
| Second mortgage | — | $369,000 | — |
| First P&I | $876.53 | $876.53 | $3,421.58 |
| Second P&I | — | $2,643.56 | — |
| Mortgage insurance | — | — | $98.84 |
| Taxes, insurance & HOA | $448.58 | $448.58 | $448.58 |
| Total housing payment | $1,325.12 | $3,968.68 | $3,969.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,823
Closing costs & prepaids$13,781
Usable credit−$0
Total buyer cash needed$69,604
Earnest money paid−$0
Remaining funds due$69,604
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$625.88
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)$554.75
Initial HOA (3 months)$291.00
Prepaid interest, first (1 days)$12.96
Prepaid interest, second (1 days)$78.35
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 10 moOf the original 30-year loan at 3.780%
Interest already paid$85,612Through Nov 2026
Assumption only · ends Sep 2042$41,365
Assumption + second · ends Sep 2042, second Dec 2056$624,047
New conventional · ends Dec 2056$749,354