Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,057/mo
Lowest payment- Down payment
- $486,146
- Funds due
- $499,294
- Interest + MI left
- $53,604
- First ends
- Apr 2051
Assumption
Assumption + second
$4,088/mo
+$3,030/mo- Down payment
- $63,146
- Funds due
- $77,634
- Interest + MI left
- $721,557
- First ends
- Apr 2051
New loan
New conventional
$4,421/mo
+$3,364/mo- Down payment
- $63,146
- Funds due
- $74,254
- Interest + MI left
- $859,672
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $143,854 | $143,854 | $566,854 |
| Second mortgage | — | $423,000 | — |
| First P&I | $673.92 | $673.92 | $3,924.78 |
| Second P&I | — | $3,030.42 | — |
| Mortgage insurance | — | — | $113.37 |
| Taxes, insurance & HOA | $383.33 | $383.33 | $383.33 |
| Total housing payment | $1,057.25 | $4,087.68 | $4,421.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,146
Closing costs & prepaids$14,488
Usable credit−$0
Total buyer cash needed$77,634
Earnest money paid−$0
Remaining funds due$77,634
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$719.27
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)$650.00
Prepaid interest, first (1 days)$10.80
Prepaid interest, second (1 days)$89.82
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 closing24 yr 5 moOf the original 30-year loan at 2.740%
Interest already paid$23,713Through Nov 2026
Assumption only · ends Apr 2051$53,604
Assumption + second · ends Apr 2051, second Dec 2056$721,557
New conventional · ends Dec 2056$859,672