Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,281/mo
Lowest payment- Down payment
- $459,366
- Funds due
- $472,915
- Interest + MI left
- $66,271
- First ends
- Jan 2051
Assumption
Assumption + second
$4,111/mo
+$2,830/mo- Down payment
- $64,366
- Funds due
- $79,249
- Interest + MI left
- $690,009
- First ends
- Jan 2051
New loan
New conventional
$4,512/mo
+$3,231/mo- Down payment
- $64,366
- Funds due
- $75,703
- Interest + MI left
- $865,291
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $175,634 | $175,634 | $570,634 |
| Second mortgage | — | $395,000 | — |
| First P&I | $834.16 | $834.16 | $3,950.95 |
| Second P&I | — | $2,829.83 | — |
| Mortgage insurance | — | — | $114.13 |
| Taxes, insurance & HOA | $446.59 | $446.59 | $446.59 |
| Total housing payment | $1,280.74 | $4,110.57 | $4,511.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$64,366
Closing costs & prepaids$14,883
Usable credit−$0
Total buyer cash needed$79,249
Earnest money paid−$0
Remaining funds due$79,249
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%)$878.17
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)$624.75
Initial HOA (3 months)$215.01
Prepaid interest, first (1 days)$13.47
Prepaid interest, second (1 days)$83.87
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 2 moOf the original 30-year loan at 2.800%
Interest already paid$31,015Through Nov 2026
Assumption only · ends Jan 2051$66,271
Assumption + second · ends Jan 2051, second Dec 2056$690,009
New conventional · ends Dec 2056$865,291