Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,749/mo
Lowest payment- Down payment
- $428,067
- Funds due
- $439,836
- Interest + MI left
- $31,157
- First ends
- Feb 2034
Assumption
Assumption + second
$4,443/mo
+$2,694/mo- Down payment
- $52,067
- Funds due
- $65,246
- Interest + MI left
- $624,892
- First ends
- Feb 2034
New loan
New conventional
$3,689/mo
+$1,940/mo- Down payment
- $52,067
- Funds due
- $62,234
- Interest + MI left
- $701,976
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $86,933 | $86,933 | $462,933 |
| Second mortgage | — | $376,000 | — |
| First P&I | $1,357.36 | $1,357.36 | $3,205.25 |
| Second P&I | — | $2,693.71 | — |
| Mortgage insurance | — | — | $92.59 |
| Taxes, insurance & HOA | $391.50 | $391.50 | $391.50 |
| Total housing payment | $1,748.86 | $4,442.57 | $3,689.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,067
Closing costs & prepaids$13,179
Usable credit−$0
Total buyer cash needed$65,246
Earnest money paid−$0
Remaining funds due$65,246
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$434.67
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)$569.50
Initial HOA (3 months)$105.00
Prepaid interest, first (2 days)$42.15
Prepaid interest, second (2 days)$159.67
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 closing7 yr 3 moOf the original 30-year loan at 8.849%
Interest already paid$286,492Through Nov 2026
Assumption only · ends Feb 2034$31,157
Assumption + second · ends Feb 2034, second Dec 2056$624,892
New conventional · ends Dec 2056$701,976