Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$818/mo
Lowest payment- Down payment
- $409,532
- Funds due
- $420,748
- Interest + MI left
- $49,375
- First ends
- Jun 2047
Assumption
Assumption + second
$3,382/mo
+$2,565/mo- Down payment
- $51,532
- Funds due
- $64,074
- Interest + MI left
- $614,687
- First ends
- Jun 2047
New loan
New conventional
$3,477/mo
+$2,659/mo- Down payment
- $51,532
- Funds due
- $61,018
- Interest + MI left
- $695,206
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $100,468 | $100,468 | $458,468 |
| Second mortgage | — | $358,000 | — |
| First P&I | $606.65 | $606.65 | $3,174.34 |
| Second P&I | — | $2,564.76 | — |
| Mortgage insurance | — | — | $91.69 |
| Taxes, insurance & HOA | $211.08 | $211.08 | $211.08 |
| Total housing payment | $817.73 | $3,382.49 | $3,477.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,532
Closing costs & prepaids$12,541
Usable credit−$0
Total buyer cash needed$64,074
Earnest money paid−$0
Remaining funds due$64,074
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$502.34
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)$133.25
Prepaid interest, first (1 days)$11.48
Prepaid interest, second (1 days)$76.01
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 closing20 yr 7 moOf the original 30-year loan at 4.170%
Interest already paid$44,519Through Nov 2026
Assumption only · ends Jun 2047$49,375
Assumption + second · ends Jun 2047, second Dec 2056$614,687
New conventional · ends Dec 2056$695,206