Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,152/mo
Lowest payment- Down payment
- $446,114
- Funds due
- $459,139
- Interest + MI left
- $74,213
- First ends
- Jun 2051
Assumption
Assumption + second
$3,896/mo
+$2,744/mo- Down payment
- $63,114
- Funds due
- $77,551
- Interest + MI left
- $679,003
- First ends
- Jun 2051
New loan
New conventional
$4,297/mo
+$3,145/mo- Down payment
- $63,114
- Funds due
- $74,018
- Interest + MI left
- $852,026
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $178,886 | $178,886 | $561,886 |
| Second mortgage | — | $383,000 | — |
| First P&I | $857.96 | $857.96 | $3,890.39 |
| Second P&I | — | $2,743.86 | — |
| Mortgage insurance | — | — | $112.38 |
| Taxes, insurance & HOA | $294.25 | $294.25 | $294.25 |
| Total housing payment | $1,152.21 | $3,896.07 | $4,297.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,114
Closing costs & prepaids$14,437
Usable credit−$0
Total buyer cash needed$77,551
Earnest money paid−$0
Remaining funds due$77,551
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$894.43
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)$382.75
Prepaid interest, first (2 days)$29.41
Prepaid interest, second (2 days)$162.64
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 closing24 yr 7 moOf the original 30-year loan at 3.000%
Interest already paid$31,154Through Nov 2026
Assumption only · ends Jun 2051$74,213
Assumption + second · ends Jun 2051, second Dec 2056$679,003
New conventional · ends Dec 2056$852,026