Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,186/mo
Lowest payment- Down payment
- $566,804
- Funds due
- $579,635
- Interest + MI left
- $2,218
- First ends
- Aug 2029
Assumption
Assumption + second
$5,797/mo
+$3,611/mo- Down payment
- $62,804
- Funds due
- $77,527
- Interest + MI left
- $798,077
- First ends
- Aug 2029
New loan
New conventional
$4,343/mo
+$2,157/mo- Down payment
- $62,804
- Funds due
- $74,579
- Interest + MI left
- $814,566
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $53,096 | $53,096 | $557,096 |
| Second mortgage | — | $504,000 | — |
| First P&I | $1,728.58 | $1,728.58 | $3,773.96 |
| Second P&I | — | $3,610.72 | — |
| Mortgage insurance | — | — | $111.42 |
| Taxes, insurance & HOA | $457.34 | $457.34 | $457.34 |
| Total housing payment | $2,185.91 | $5,796.63 | $4,342.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,804
Closing costs & prepaids$14,723
Usable credit−$0
Total buyer cash needed$77,527
Earnest money paid−$0
Remaining funds due$77,527
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,199.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$265.48
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)$744.00
Initial HOA (3 months)$128.01
Prepaid interest, first (6 days)$26.18
Prepaid interest, second (6 days)$642.08
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 closing2 yr 8 moOf the original 30-year loan at 3%
Interest already paid$210,069Through Dec 2026
Assumption only · ends Aug 2029$2,218
Assumption + second · ends Aug 2029, second Jan 2057$798,077
New conventional · ends Jan 2057$814,566