Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$652/mo
Lowest payment- Down payment
- $397,469
- Funds due
- $408,027
- Interest + MI left
- $26,599
- First ends
- Jun 2047
Assumption
Assumption + second
$3,173/mo
+$2,522/mo- Down payment
- $45,469
- Funds due
- $57,726
- Interest + MI left
- $582,437
- First ends
- Jun 2047
New loan
New conventional
$3,151/mo
+$2,500/mo- Down payment
- $45,469
- Funds due
- $54,957
- Interest + MI left
- $591,491
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $52,531 | $52,531 | $404,531 |
| Second mortgage | — | $352,000 | — |
| First P&I | $321.67 | $321.67 | $2,740.43 |
| Second P&I | — | $2,521.77 | — |
| Mortgage insurance | — | — | $80.91 |
| Taxes, insurance & HOA | $330.00 | $330.00 | $330.00 |
| Total housing payment | $651.67 | $3,173.44 | $3,151.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,469
Closing costs & prepaids$12,256
Usable credit−$0
Total buyer cash needed$57,726
Earnest money paid−$0
Remaining funds due$57,726
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$262.65
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)$540.00
Prepaid interest, first (6 days)$37.13
Prepaid interest, second (6 days)$448.44
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 closing20 yr 6 moOf the original 30-year loan at 4.3%
Interest already paid$24,201Through Dec 2026
Assumption only · ends Jun 2047$26,599
Assumption + second · ends Jun 2047, second Jan 2057$582,437
New conventional · ends Jan 2057$591,491