Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,032/mo
Lowest payment- Down payment
- $332,969
- Funds due
- $343,887
- Interest + MI left
- $124,442
- First ends
- Jun 2060
Assumption
Assumption + second
$3,117/mo
+$2,085/mo- Down payment
- $41,969
- Funds due
- $54,261
- Interest + MI left
- $583,956
- First ends
- Jun 2060
New loan
New conventional
$3,177/mo
+$2,145/mo- Down payment
- $41,969
- Funds due
- $51,385
- Interest + MI left
- $565,652
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $82,031 | $82,031 | $373,031 |
| Second mortgage | — | $291,000 | — |
| First P&I | $512.34 | $512.34 | $2,582.79 |
| Second P&I | — | $2,084.76 | — |
| Mortgage insurance | — | — | $74.61 |
| Taxes, insurance & HOA | $519.83 | $519.83 | $519.83 |
| Total housing payment | $1,032.17 | $3,116.93 | $3,177.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,969
Closing costs & prepaids$12,291
Usable credit−$0
Total buyer cash needed$54,261
Earnest money paid−$0
Remaining funds due$54,261
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$410.15
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,037.50
Initial HOA (3 months)$72.00
Prepaid interest, first (2 days)$30.12
Prepaid interest, second (2 days)$123.58
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 closing33 yr 7 moOf the original 37-year loan at 6.700%
Interest already paid$19,020Through Nov 2026
Assumption only · ends Jun 2060$124,442
Assumption + second · ends Jun 2060, second Dec 2056$583,956
New conventional · ends Dec 2056$565,652