Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$896/mo
Lowest payment- Down payment
- $549,453
- Funds due
- $561,591
- Interest + MI left
- $4,335
- First ends
- Oct 2032
Assumption
Assumption + second
$4,413/mo
+$3,518/mo- Down payment
- $58,453
- Funds due
- $72,467
- Interest + MI left
- $779,665
- First ends
- Oct 2032
New loan
New conventional
$4,035/mo
+$3,140/mo- Down payment
- $58,453
- Funds due
- $69,654
- Interest + MI left
- $762,442
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $30,447 | $30,447 | $521,447 |
| Second mortgage | — | $491,000 | — |
| First P&I | $496.89 | $496.89 | $3,532.46 |
| Second P&I | — | $3,517.58 | — |
| Mortgage insurance | — | — | $104.29 |
| Taxes, insurance & HOA | $398.67 | $398.67 | $398.67 |
| Total housing payment | $895.56 | $4,413.14 | $4,035.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,453
Closing costs & prepaids$14,014
Usable credit−$0
Total buyer cash needed$72,467
Earnest money paid−$0
Remaining funds due$72,467
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,799.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$152.23
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)$696.00
Prepaid interest, first (6 days)$23.07
Prepaid interest, second (6 days)$625.52
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 closing5 yr 10 moOf the original 10-year loan at 4.61%
Interest already paid$7,591Through Dec 2026
Assumption only · ends Oct 2032$4,335
Assumption + second · ends Oct 2032, second Jan 2057$779,665
New conventional · ends Jan 2057$762,442