Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$775/mo
Lowest payment- Down payment
- $455,531
- Funds due
- $467,046
- Interest + MI left
- $8,077
- First ends
- Aug 2039
Assumption
Assumption + second
$3,684/mo
+$2,909/mo- Down payment
- $49,531
- Funds due
- $62,468
- Interest + MI left
- $649,185
- First ends
- Aug 2039
New loan
New conventional
$3,638/mo
+$2,863/mo- Down payment
- $49,531
- Funds due
- $59,734
- Interest + MI left
- $675,584
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $39,469 | $39,469 | $445,469 |
| Second mortgage | — | $406,000 | — |
| First P&I | $310.76 | $310.76 | $3,084.34 |
| Second P&I | — | $2,908.63 | — |
| Mortgage insurance | — | — | $89.09 |
| Taxes, insurance & HOA | $464.33 | $464.33 | $464.33 |
| Total housing payment | $775.10 | $3,683.73 | $3,637.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,531
Closing costs & prepaids$12,937
Usable credit−$0
Total buyer cash needed$62,468
Earnest money paid−$0
Remaining funds due$62,468
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$197.35
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)$893.00
Prepaid interest, first (2 days)$6.49
Prepaid interest, second (2 days)$172.41
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 closing12 yr 9 moOf the original 15-year loan at 3.000%
Interest already paid$2,860Through Nov 2026
Assumption only · ends Aug 2039$8,077
Assumption + second · ends Aug 2039, second Dec 2056$649,185
New conventional · ends Dec 2056$675,584