Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,693/mo
Lowest payment- Down payment
- $412,002
- Funds due
- $423,582
- Interest + MI left
- $6,607
- First ends
- Aug 2030
Assumption
Assumption + second
$4,322/mo
+$2,629/mo- Down payment
- $45,002
- Funds due
- $57,988
- Interest + MI left
- $586,131
- First ends
- Aug 2030
New loan
New conventional
$3,587/mo
+$1,894/mo- Down payment
- $45,002
- Funds due
- $55,296
- Interest + MI left
- $614,207
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $37,998 | $37,998 | $404,998 |
| Second mortgage | — | $367,000 | — |
| First P&I | $991.23 | $991.23 | $2,804.12 |
| Second P&I | — | $2,629.23 | — |
| Mortgage insurance | — | — | $81.00 |
| Taxes, insurance & HOA | $701.58 | $701.58 | $701.58 |
| Total housing payment | $1,692.81 | $4,322.04 | $3,586.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,002
Closing costs & prepaids$12,987
Usable credit−$0
Total buyer cash needed$57,988
Earnest money paid−$0
Remaining funds due$57,988
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$189.99
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)$1,654.75
Prepaid interest, first (2 days)$17.95
Prepaid interest, second (2 days)$155.85
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 yr 9 moOf the original 30-year loan at 8.620%
Interest already paid$222,735Through Nov 2026
Assumption only · ends Aug 2030$6,607
Assumption + second · ends Aug 2030, second Dec 2056$586,131
New conventional · ends Dec 2056$614,207