Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$957/mo
Lowest payment- Down payment
- $398,506
- Funds due
- $410,256
- Interest + MI left
- $52,178
- First ends
- Oct 2049
Assumption
Assumption + second
$3,450/mo
+$2,493/mo- Down payment
- $50,506
- Funds due
- $63,949
- Interest + MI left
- $601,699
- First ends
- Oct 2049
New loan
New conventional
$3,548/mo
+$2,591/mo- Down payment
- $50,506
- Funds due
- $60,896
- Interest + MI left
- $664,545
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $106,494 | $106,494 | $454,494 |
| Second mortgage | — | $348,000 | — |
| First P&I | $579.09 | $579.09 | $3,078.90 |
| Second P&I | — | $2,493.11 | — |
| Mortgage insurance | — | — | $90.90 |
| Taxes, insurance & HOA | $377.84 | $377.84 | $377.84 |
| Total housing payment | $956.93 | $3,450.04 | $3,547.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,506
Closing costs & prepaids$13,443
Usable credit−$0
Total buyer cash needed$63,949
Earnest money paid−$0
Remaining funds due$63,949
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,050.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$532.47
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)$606.00
Initial HOA (3 months)$27.51
Prepaid interest, first (6 days)$65.65
Prepaid interest, second (6 days)$443.34
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 closing22 yr 10 moOf the original 30-year loan at 3.75%
Interest already paid$31,253Through Dec 2026
Assumption only · ends Oct 2049$52,178
Assumption + second · ends Oct 2049, second Jan 2057$601,699
New conventional · ends Jan 2057$664,545