Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,330/mo
Lowest payment- Down payment
- $388,296
- Funds due
- $400,853
- Interest + MI left
- $75,073
- First ends
- Nov 2047
Assumption
Assumption + second
$3,716/mo
+$2,386/mo- Down payment
- $55,296
- Funds due
- $69,598
- Interest + MI left
- $600,908
- First ends
- Nov 2047
New loan
New conventional
$3,837/mo
+$2,507/mo- Down payment
- $55,296
- Funds due
- $66,259
- Interest + MI left
- $723,339
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $161,704 | $161,704 | $494,704 |
| Second mortgage | — | $333,000 | — |
| First P&I | $943.34 | $943.34 | $3,351.30 |
| Second P&I | — | $2,385.65 | — |
| Mortgage insurance | — | — | $98.94 |
| Taxes, insurance & HOA | $386.67 | $386.67 | $386.67 |
| Total housing payment | $1,330.00 | $3,715.66 | $3,836.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,296
Closing costs & prepaids$14,302
Usable credit−$0
Total buyer cash needed$69,598
Earnest money paid−$0
Remaining funds due$69,598
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$808.52
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)$660.00
Prepaid interest, first (7 days)$120.95
Prepaid interest, second (7 days)$494.94
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 11 moOf the original 30-year loan at 3.9%
Interest already paid$64,528Through Dec 2026
Assumption only · ends Nov 2047$75,073
Assumption + second · ends Nov 2047, second Jan 2057$600,908
New conventional · ends Jan 2057$723,339