Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,436/mo
Lowest payment- Down payment
- $485,936
- Funds due
- $499,406
- Interest + MI left
- $76,070
- First ends
- Oct 2045
Assumption
Assumption + second
$4,438/mo
+$3,002/mo- Down payment
- $66,936
- Funds due
- $81,744
- Interest + MI left
- $737,706
- First ends
- Oct 2045
New loan
New conventional
$4,573/mo
+$3,137/mo- Down payment
- $66,936
- Funds due
- $78,150
- Interest + MI left
- $907,004
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $179,064 | $179,064 | $598,064 |
| Second mortgage | — | $419,000 | — |
| First P&I | $1,123.94 | $1,123.94 | $4,140.87 |
| Second P&I | — | $3,001.77 | — |
| Mortgage insurance | — | — | $119.61 |
| Taxes, insurance & HOA | $312.25 | $312.25 | $312.25 |
| Total housing payment | $1,436.19 | $4,437.96 | $4,572.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$66,936
Closing costs & prepaids$14,809
Usable credit−$0
Total buyer cash needed$81,744
Earnest money paid−$0
Remaining funds due$81,744
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$895.32
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)$436.75
Prepaid interest, first (1 days)$19.53
Prepaid interest, second (1 days)$88.97
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 3.980%
Interest already paid$92,557Through Nov 2026
Assumption only · ends Oct 2045$76,070
Assumption + second · ends Oct 2045, second Dec 2056$737,706
New conventional · ends Dec 2056$907,004