Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,339/mo
Lowest payment- Down payment
- $379,185
- Funds due
- $390,349
- Interest + MI left
- $13,784
- First ends
- May 2035
Assumption
Assumption + second
$3,717/mo
+$2,378/mo- Down payment
- $47,185
- Funds due
- $60,093
- Interest + MI left
- $538,040
- First ends
- May 2035
New loan
New conventional
$3,267/mo
+$1,928/mo- Down payment
- $47,185
- Funds due
- $57,171
- Interest + MI left
- $610,915
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $85,815 | $85,815 | $417,815 |
| Second mortgage | — | $332,000 | — |
| First P&I | $986.13 | $986.13 | $2,830.42 |
| Second P&I | — | $2,378.49 | — |
| Mortgage insurance | — | — | $83.56 |
| Taxes, insurance & HOA | $352.67 | $352.67 | $352.67 |
| Total housing payment | $1,338.80 | $3,717.29 | $3,266.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,185
Closing costs & prepaids$12,908
Usable credit−$0
Total buyer cash needed$60,093
Earnest money paid−$0
Remaining funds due$60,093
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$429.07
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)$558.00
Prepaid interest, first (7 days)$59.25
Prepaid interest, second (7 days)$493.45
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 closing8 yr 5 moOf the original 15-year loan at 3.6%
Interest already paid$26,719Through Dec 2026
Assumption only · ends May 2035$13,784
Assumption + second · ends May 2035, second Jan 2057$538,040
New conventional · ends Jan 2057$610,915