Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,629/mo
Lowest payment- Down payment
- $452,307
- Funds due
- $464,097
- Interest + MI left
- $14,941
- First ends
- Oct 2032
Assumption
Assumption + second
$4,487/mo
+$2,858/mo- Down payment
- $53,307
- Funds due
- $66,855
- Interest + MI left
- $644,996
- First ends
- Oct 2032
New loan
New conventional
$3,666/mo
+$2,038/mo- Down payment
- $53,307
- Funds due
- $63,886
- Interest + MI left
- $689,599
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $72,693 | $72,693 | $471,693 |
| Second mortgage | — | $399,000 | — |
| First P&I | $1,251.92 | $1,251.92 | $3,195.41 |
| Second P&I | — | $2,858.48 | — |
| Mortgage insurance | — | — | $94.34 |
| Taxes, insurance & HOA | $376.67 | $376.67 | $376.67 |
| Total housing payment | $1,628.58 | $4,487.07 | $3,666.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,307
Closing costs & prepaids$13,548
Usable credit−$0
Total buyer cash needed$66,855
Earnest money paid−$0
Remaining funds due$66,855
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$363.46
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)$630.00
Prepaid interest, first (6 days)$78.15
Prepaid interest, second (6 days)$508.32
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 closing5 yr 10 moOf the original 30-year loan at 6.54%
Interest already paid$238,503Through Dec 2026
Assumption only · ends Oct 2032$14,941
Assumption + second · ends Oct 2032, second Jan 2057$644,996
New conventional · ends Jan 2057$689,599