Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,563/mo
Lowest payment- Down payment
- $375,386
- Funds due
- $386,948
- Interest + MI left
- $18,422
- First ends
- Jan 2035
Assumption
Assumption + second
$3,920/mo
+$2,357/mo- Down payment
- $46,386
- Funds due
- $59,618
- Interest + MI left
- $537,940
- First ends
- Jan 2035
New loan
New conventional
$3,385/mo
+$1,822/mo- Down payment
- $46,386
- Funds due
- $56,687
- Interest + MI left
- $604,772
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $84,614 | $84,614 | $413,614 |
| Second mortgage | — | $329,000 | — |
| First P&I | $1,062.23 | $1,062.23 | $2,801.97 |
| Second P&I | — | $2,357.00 | — |
| Mortgage insurance | — | — | $82.72 |
| Taxes, insurance & HOA | $500.67 | $500.67 | $500.67 |
| Total housing payment | $1,562.89 | $3,919.89 | $3,385.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,386
Closing costs & prepaids$13,232
Usable credit−$0
Total buyer cash needed$59,618
Earnest money paid−$0
Remaining funds due$59,618
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$423.07
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)$552.00
Initial HOA (3 months)$450.00
Prepaid interest, first (6 days)$69.55
Prepaid interest, second (6 days)$419.14
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 closing8 yr 1 moOf the original 30-year loan at 5%
Interest already paid$166,106Through Dec 2026
Assumption only · ends Jan 2035$18,422
Assumption + second · ends Jan 2035, second Jan 2057$537,940
New conventional · ends Jan 2057$604,772