Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,326/mo
Lowest payment- Down payment
- $459,790
- Funds due
- $473,582
- Interest + MI left
- $65,861
- First ends
- Jan 2051
Assumption
Assumption + second
$4,163/mo
+$2,837/mo- Down payment
- $63,790
- Funds due
- $79,589
- Interest + MI left
- $691,179
- First ends
- Jan 2051
New loan
New conventional
$4,476/mo
+$3,150/mo- Down payment
- $63,790
- Funds due
- $76,165
- Interest + MI left
- $835,203
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $175,210 | $175,210 | $571,210 |
| Second mortgage | — | $396,000 | — |
| First P&I | $834.16 | $834.16 | $3,869.58 |
| Second P&I | — | $2,836.99 | — |
| Mortgage insurance | — | — | $114.24 |
| Taxes, insurance & HOA | $492.34 | $492.34 | $492.34 |
| Total housing payment | $1,326.49 | $4,163.49 | $4,476.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,790
Closing costs & prepaids$15,799
Usable credit−$0
Total buyer cash needed$79,589
Earnest money paid−$0
Remaining funds due$79,589
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$876.05
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)$762.00
Initial HOA (3 months)$215.01
Prepaid interest, first (9 days)$120.97
Prepaid interest, second (9 days)$756.74
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 1 moOf the original 30-year loan at 2.8%
Interest already paid$31,425Through Dec 2026
Assumption only · ends Jan 2051$65,861
Assumption + second · ends Jan 2051, second Jan 2057$691,179
New conventional · ends Jan 2057$835,203