Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,294/mo
Lowest payment- Down payment
- $346,492
- Funds due
- $356,679
- Interest + MI left
- $13,017
- First ends
- Jun 2033
Assumption
Assumption + second
$3,479/mo
+$2,185/mo- Down payment
- $41,492
- Funds due
- $53,318
- Interest + MI left
- $494,638
- First ends
- Jun 2033
New loan
New conventional
$2,883/mo
+$1,590/mo- Down payment
- $41,492
- Funds due
- $50,528
- Interest + MI left
- $538,673
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $63,408 | $63,408 | $368,408 |
| Second mortgage | — | $305,000 | — |
| First P&I | $979.81 | $979.81 | $2,495.72 |
| Second P&I | — | $2,185.06 | — |
| Mortgage insurance | — | — | $73.68 |
| Taxes, insurance & HOA | $314.00 | $314.00 | $314.00 |
| Total housing payment | $1,293.81 | $3,478.87 | $2,883.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,492
Closing costs & prepaids$11,826
Usable credit−$0
Total buyer cash needed$53,318
Earnest money paid−$0
Remaining funds due$53,318
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,099.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$317.04
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$492.00
Prepaid interest, first (6 days)$61.18
Prepaid interest, second (6 days)$388.56
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 closing6 yr 6 moOf the original 30-year loan at 5.87%
Interest already paid$173,987Through Dec 2026
Assumption only · ends Jun 2033$13,017
Assumption + second · ends Jun 2033, second Jan 2057$494,638
New conventional · ends Jan 2057$538,673