Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,502/mo
Lowest payment- Down payment
- $333,920
- Funds due
- $344,184
- Interest + MI left
- $15,409
- First ends
- May 2033
Assumption
Assumption + second
$3,594/mo
+$2,092/mo- Down payment
- $41,920
- Funds due
- $53,806
- Interest + MI left
- $476,502
- First ends
- May 2033
New loan
New conventional
$2,881/mo
+$1,379/mo- Down payment
- $41,920
- Funds due
- $50,952
- Interest + MI left
- $538,120
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $76,080 | $76,080 | $368,080 |
| Second mortgage | — | $292,000 | — |
| First P&I | $1,188.17 | $1,188.17 | $2,493.50 |
| Second P&I | — | $2,091.92 | — |
| Mortgage insurance | — | — | $73.62 |
| Taxes, insurance & HOA | $314.00 | $314.00 | $314.00 |
| Total housing payment | $1,502.17 | $3,594.10 | $2,881.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,920
Closing costs & prepaids$11,886
Usable credit−$0
Total buyer cash needed$53,806
Earnest money paid−$0
Remaining funds due$53,806
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$380.40
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)$73.41
Prepaid interest, second (6 days)$372.00
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 5 moOf the original 30-year loan at 5.87%
Interest already paid$211,362Through Dec 2026
Assumption only · ends May 2033$15,409
Assumption + second · ends May 2033, second Jan 2057$476,502
New conventional · ends Jan 2057$538,120