Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,034/mo
Lowest payment- Down payment
- $438,101
- Funds due
- $450,726
- Interest + MI left
- $48,035
- First ends
- Jun 2051
Assumption
Assumption + second
$3,763/mo
+$2,730/mo- Down payment
- $57,101
- Funds due
- $71,462
- Interest + MI left
- $649,666
- First ends
- Jun 2051
New loan
New conventional
$3,981/mo
+$2,947/mo- Down payment
- $57,101
- Funds due
- $68,270
- Interest + MI left
- $742,632
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $126,899 | $126,899 | $507,899 |
| Second mortgage | — | $381,000 | — |
| First P&I | $595.01 | $595.01 | $3,440.68 |
| Second P&I | — | $2,729.53 | — |
| Mortgage insurance | — | — | $101.58 |
| Taxes, insurance & HOA | $438.50 | $438.50 | $438.50 |
| Total housing payment | $1,033.51 | $3,763.04 | $3,980.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,101
Closing costs & prepaids$14,361
Usable credit−$0
Total buyer cash needed$71,462
Earnest money paid−$0
Remaining funds due$71,462
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$634.50
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)$678.00
Initial HOA (3 months)$137.49
Prepaid interest, first (6 days)$57.78
Prepaid interest, second (6 days)$485.38
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 closing24 yr 6 moOf the original 30-year loan at 2.77%
Interest already paid$20,797Through Dec 2026
Assumption only · ends Jun 2051$48,035
Assumption + second · ends Jun 2051, second Jan 2057$649,666
New conventional · ends Jan 2057$742,632