Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$737/mo
Lowest payment- Down payment
- $469,108
- Funds due
- $481,011
- Interest + MI left
- $9,390
- First ends
- Jan 2051
Assumption
Assumption + second
$3,739/mo
+$3,002/mo- Down payment
- $50,108
- Funds due
- $63,794
- Interest + MI left
- $671,027
- First ends
- Jan 2051
New loan
New conventional
$3,717/mo
+$2,981/mo- Down payment
- $50,108
- Funds due
- $61,101
- Interest + MI left
- $650,506
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $25,892 | $25,892 | $444,892 |
| Second mortgage | — | $419,000 | — |
| First P&I | $122.09 | $122.09 | $3,013.85 |
| Second P&I | — | $3,001.77 | — |
| Mortgage insurance | — | — | $88.98 |
| Taxes, insurance & HOA | $614.67 | $614.67 | $614.67 |
| Total housing payment | $736.75 | $3,738.52 | $3,717.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,108
Closing costs & prepaids$13,687
Usable credit−$0
Total buyer cash needed$63,794
Earnest money paid−$0
Remaining funds due$63,794
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$129.46
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)$594.00
Initial HOA (3 months)$750.00
Prepaid interest, first (6 days)$11.53
Prepaid interest, second (6 days)$533.79
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 closing24 yr 1 moOf the original 30-year loan at 2.71%
Interest already paid$4,499Through Dec 2026
Assumption only · ends Jan 2051$9,390
Assumption + second · ends Jan 2051, second Jan 2057$671,027
New conventional · ends Jan 2057$650,506