Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,776/mo
Lowest payment- Down payment
- $425,735
- Funds due
- $440,391
- Interest + MI left
- $57,932
- First ends
- Nov 2049
Assumption
Assumption + second
$4,391/mo
+$2,615/mo- Down payment
- $60,735
- Funds due
- $76,719
- Interest + MI left
- $634,298
- First ends
- Nov 2049
New loan
New conventional
$4,776/mo
+$3,000/mo- Down payment
- $60,735
- Funds due
- $73,216
- Interest + MI left
- $817,724
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $174,265 | $174,265 | $539,265 |
| Second mortgage | — | $365,000 | — |
| First P&I | $841.29 | $841.29 | $3,733.76 |
| Second P&I | — | $2,614.90 | — |
| Mortgage insurance | — | — | $107.85 |
| Taxes, insurance & HOA | $934.75 | $934.75 | $934.75 |
| Total housing payment | $1,776.04 | $4,390.95 | $4,776.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,735
Closing costs & prepaids$15,984
Usable credit−$0
Total buyer cash needed$76,719
Earnest money paid−$0
Remaining funds due$76,719
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$871.32
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)$1,737.25
Initial HOA (3 months)$567.00
Prepaid interest, first (1 days)$12.51
Prepaid interest, second (1 days)$77.50
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing23 yrOf the original 30-year loan at 2.620%
Interest already paid$35,337Through Nov 2026
Assumption only · ends Nov 2049$57,932
Assumption + second · ends Nov 2049, second Dec 2056$634,298
New conventional · ends Dec 2056$817,724