Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,156/mo
Lowest payment- Down payment
- $385,555
- Funds due
- $398,083
- Interest + MI left
- $67,188
- First ends
- Jan 2052
Assumption
Assumption + second
$3,520/mo
+$2,364/mo- Down payment
- $55,555
- Funds due
- $69,754
- Interest + MI left
- $588,286
- First ends
- Jan 2052
New loan
New conventional
$3,835/mo
+$2,679/mo- Down payment
- $55,555
- Funds due
- $66,418
- Interest + MI left
- $722,960
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $164,445 | $164,445 | $494,445 |
| Second mortgage | — | $330,000 | — |
| First P&I | $769.55 | $769.55 | $3,349.54 |
| Second P&I | — | $2,364.16 | — |
| Mortgage insurance | — | — | $98.89 |
| Taxes, insurance & HOA | $386.67 | $386.67 | $386.67 |
| Total housing payment | $1,156.21 | $3,520.37 | $3,835.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,555
Closing costs & prepaids$14,199
Usable credit−$0
Total buyer cash needed$69,754
Earnest money paid−$0
Remaining funds due$69,754
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%)$822.23
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)$660.00
Prepaid interest, first (6 days)$78.39
Prepaid interest, second (6 days)$420.41
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 closing25 yr 1 moOf the original 30-year loan at 2.9%
Interest already paid$24,964Through Dec 2026
Assumption only · ends Jan 2052$67,188
Assumption + second · ends Jan 2052, second Jan 2057$588,286
New conventional · ends Jan 2057$722,960