Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,380/mo
Lowest payment- Down payment
- $483,123
- Funds due
- $497,168
- Interest + MI left
- $75,891
- First ends
- Jul 2051
Assumption
Assumption + second
$4,367/mo
+$2,987/mo- Down payment
- $66,123
- Funds due
- $81,595
- Interest + MI left
- $734,369
- First ends
- Jul 2051
New loan
New conventional
$4,745/mo
+$3,365/mo- Down payment
- $66,123
- Funds due
- $78,055
- Interest + MI left
- $896,105
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $173,877 | $173,877 | $590,877 |
| Second mortgage | — | $417,000 | — |
| First P&I | $843.81 | $843.81 | $4,091.11 |
| Second P&I | — | $2,987.44 | — |
| Mortgage insurance | — | — | $118.18 |
| Taxes, insurance & HOA | $536.08 | $536.08 | $536.08 |
| Total housing payment | $1,379.89 | $4,367.33 | $4,745.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$66,123
Closing costs & prepaids$15,473
Usable credit−$0
Total buyer cash needed$81,595
Earnest money paid−$0
Remaining funds due$81,595
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,570.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$869.39
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)$958.25
Initial HOA (3 months)$150.00
Prepaid interest, first (2 days)$29.82
Prepaid interest, second (2 days)$177.08
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 8 moOf the original 30-year loan at 3.130%
Interest already paid$31,027Through Nov 2026
Assumption only · ends Jul 2051$75,891
Assumption + second · ends Jul 2051, second Dec 2056$734,369
New conventional · ends Dec 2056$896,105