Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,610/mo
Lowest payment- Down payment
- $463,086
- Funds due
- $474,647
- Interest + MI left
- $8,729
- First ends
- Jan 2031
Assumption
Assumption + second
$4,555/mo
+$2,944/mo- Down payment
- $52,086
- Funds due
- $65,421
- Interest + MI left
- $657,733
- First ends
- Jan 2031
New loan
New conventional
$3,601/mo
+$1,991/mo- Down payment
- $52,086
- Funds due
- $62,555
- Interest + MI left
- $676,857
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $51,914 | $51,914 | $462,914 |
| Second mortgage | — | $411,000 | — |
| First P&I | $1,237.62 | $1,237.62 | $3,135.94 |
| Second P&I | — | $2,944.45 | — |
| Mortgage insurance | — | — | $92.58 |
| Taxes, insurance & HOA | $372.67 | $372.67 | $372.67 |
| Total housing payment | $1,610.29 | $4,554.75 | $3,601.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,086
Closing costs & prepaids$13,335
Usable credit−$0
Total buyer cash needed$65,421
Earnest money paid−$0
Remaining funds due$65,421
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$259.57
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)$618.00
Prepaid interest, first (6 days)$65.54
Prepaid interest, second (6 days)$523.60
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 closing4 yr 1 moOf the original 30-year loan at 7.68%
Interest already paid$262,889Through Dec 2026
Assumption only · ends Jan 2031$8,729
Assumption + second · ends Jan 2031, second Jan 2057$657,733
New conventional · ends Jan 2057$676,857