Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,258/mo
Lowest payment- Down payment
- $473,428
- Funds due
- $487,140
- Interest + MI left
- $67,899
- First ends
- Jun 2051
Assumption
Assumption + second
$4,181/mo
+$2,923/mo- Down payment
- $65,428
- Funds due
- $80,910
- Interest + MI left
- $712,165
- First ends
- Jun 2051
New loan
New conventional
$4,504/mo
+$3,245/mo- Down payment
- $65,428
- Funds due
- $77,419
- Interest + MI left
- $854,741
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $176,572 | $176,572 | $584,572 |
| Second mortgage | — | $408,000 | — |
| First P&I | $831.53 | $831.53 | $3,960.09 |
| Second P&I | — | $2,922.96 | — |
| Mortgage insurance | — | — | $116.91 |
| Taxes, insurance & HOA | $426.67 | $426.67 | $426.67 |
| Total housing payment | $1,258.20 | $4,181.16 | $4,503.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,428
Closing costs & prepaids$15,482
Usable credit−$0
Total buyer cash needed$80,910
Earnest money paid−$0
Remaining funds due$80,910
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$882.86
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)$780.00
Prepaid interest, first (6 days)$81.56
Prepaid interest, second (6 days)$519.78
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 6 moOf the original 30-year loan at 2.81%
Interest already paid$29,343Through Dec 2026
Assumption only · ends Jun 2051$67,899
Assumption + second · ends Jun 2051, second Jan 2057$712,165
New conventional · ends Jan 2057$854,741