Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,522/mo
Lowest payment- Down payment
- $441,223
- Funds due
- $452,134
- Interest + MI left
- $4,839
- First ends
- Nov 2029
Assumption
Assumption + second
$4,338/mo
+$2,816/mo- Down payment
- $48,223
- Funds due
- $60,551
- Interest + MI left
- $625,419
- First ends
- Nov 2029
New loan
New conventional
$3,386/mo
+$1,864/mo- Down payment
- $48,223
- Funds due
- $57,823
- Interest + MI left
- $654,819
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $38,777 | $38,777 | $431,777 |
| Second mortgage | — | $393,000 | — |
| First P&I | $1,211.54 | $1,211.54 | $2,989.54 |
| Second P&I | — | $2,815.50 | — |
| Mortgage insurance | — | — | $86.36 |
| Taxes, insurance & HOA | $310.58 | $310.58 | $310.58 |
| Total housing payment | $1,522.13 | $4,337.63 | $3,386.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,223
Closing costs & prepaids$12,327
Usable credit−$0
Total buyer cash needed$60,551
Earnest money paid−$0
Remaining funds due$60,551
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$193.88
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)$431.75
Prepaid interest, first (2 days)$16.57
Prepaid interest, second (2 days)$166.89
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 closing3 yrOf the original 30-year loan at 7.800%
Interest already paid$263,016Through Nov 2026
Assumption only · ends Nov 2029$4,839
Assumption + second · ends Nov 2029, second Dec 2056$625,419
New conventional · ends Dec 2056$654,819