Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,082/mo
Lowest payment- Down payment
- $552,553
- Funds due
- $565,851
- Interest + MI left
- $19,317
- First ends
- Sep 2032
Assumption
Assumption + second
$5,571/mo
+$3,489/mo- Down payment
- $65,553
- Funds due
- $80,721
- Interest + MI left
- $788,331
- First ends
- Sep 2032
New loan
New conventional
$4,484/mo
+$2,403/mo- Down payment
- $65,553
- Funds due
- $77,511
- Interest + MI left
- $850,903
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $94,947 | $94,947 | $581,947 |
| Second mortgage | — | $487,000 | — |
| First P&I | $1,656.00 | $1,656.00 | $3,942.31 |
| Second P&I | — | $3,488.93 | — |
| Mortgage insurance | — | — | $116.39 |
| Taxes, insurance & HOA | $425.67 | $425.67 | $425.67 |
| Total housing payment | $2,081.67 | $5,570.60 | $4,484.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,553
Closing costs & prepaids$15,168
Usable credit−$0
Total buyer cash needed$80,721
Earnest money paid−$0
Remaining funds due$80,721
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,475.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$474.73
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)$777.00
Prepaid interest, first (6 days)$102.54
Prepaid interest, second (6 days)$620.42
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 9 moOf the original 30-year loan at 6.57%
Interest already paid$316,743Through Dec 2026
Assumption only · ends Sep 2032$19,317
Assumption + second · ends Sep 2032, second Jan 2057$788,331
New conventional · ends Jan 2057$850,903