Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,571/mo
Lowest payment- Down payment
- $376,688
- Funds due
- $389,654
- Interest + MI left
- $76,878
- First ends
- Mar 2047
Assumption
Assumption + second
$3,885/mo
+$2,314/mo- Down payment
- $53,688
- Funds due
- $68,041
- Interest + MI left
- $586,922
- First ends
- Mar 2047
New loan
New conventional
$4,033/mo
+$2,462/mo- Down payment
- $53,688
- Funds due
- $64,696
- Interest + MI left
- $728,425
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $157,312 | $157,312 | $480,312 |
| Second mortgage | — | $323,000 | — |
| First P&I | $959.79 | $959.79 | $3,325.58 |
| Second P&I | — | $2,314.01 | — |
| Mortgage insurance | — | — | $96.06 |
| Taxes, insurance & HOA | $611.67 | $611.67 | $611.67 |
| Total housing payment | $1,571.46 | $3,885.47 | $4,033.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,688
Closing costs & prepaids$14,353
Usable credit−$0
Total buyer cash needed$68,041
Earnest money paid−$0
Remaining funds due$68,041
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,340.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$786.56
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)$1,335.00
Prepaid interest, first (2 days)$36.20
Prepaid interest, second (2 days)$137.16
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 4 moOf the original 30-year loan at 4.200%
Interest already paid$72,378Through Nov 2026
Assumption only · ends Mar 2047$76,878
Assumption + second · ends Mar 2047, second Dec 2056$586,922
New conventional · ends Dec 2056$728,425