Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,189/mo
Lowest payment- Down payment
- $365,369
- Funds due
- $375,863
- Interest + MI left
- $8,806
- First ends
- Aug 2032
Assumption
Assumption + second
$3,511/mo
+$2,321/mo- Down payment
- $41,369
- Funds due
- $53,251
- Interest + MI left
- $520,430
- First ends
- Aug 2032
New loan
New conventional
$3,078/mo
+$1,888/mo- Down payment
- $41,369
- Funds due
- $50,590
- Interest + MI left
- $551,398
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $39,631 | $39,631 | $363,631 |
| Second mortgage | — | $324,000 | — |
| First P&I | $701.99 | $701.99 | $2,517.71 |
| Second P&I | — | $2,321.18 | — |
| Mortgage insurance | — | — | $72.73 |
| Taxes, insurance & HOA | $487.50 | $487.50 | $487.50 |
| Total housing payment | $1,189.49 | $3,510.67 | $3,077.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,369
Closing costs & prepaids$11,882
Usable credit−$0
Total buyer cash needed$53,251
Earnest money paid−$0
Remaining funds due$53,251
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,050.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$198.15
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,012.50
Prepaid interest, first (2 days)$15.50
Prepaid interest, second (2 days)$137.59
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 closing5 yr 9 moOf the original 30-year loan at 7.140%
Interest already paid$139,870Through Nov 2026
Assumption only · ends Aug 2032$8,806
Assumption + second · ends Aug 2032, second Dec 2056$520,430
New conventional · ends Dec 2056$551,398