Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$892/mo
Lowest payment- Down payment
- $473,436
- Funds due
- $484,660
- Interest + MI left
- $8,774
- First ends
- Apr 2034
Assumption
Assumption + second
$3,908/mo
+$3,016/mo- Down payment
- $52,436
- Funds due
- $65,089
- Interest + MI left
- $673,568
- First ends
- Apr 2034
New loan
New conventional
$3,601/mo
+$2,709/mo- Down payment
- $52,436
- Funds due
- $62,287
- Interest + MI left
- $709,092
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $46,564 | $46,564 | $467,564 |
| Second mortgage | — | $421,000 | — |
| First P&I | $621.77 | $621.77 | $3,237.32 |
| Second P&I | — | $3,016.10 | — |
| Mortgage insurance | — | — | $93.51 |
| Taxes, insurance & HOA | $270.33 | $270.33 | $270.33 |
| Total housing payment | $892.10 | $3,908.20 | $3,601.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,436
Closing costs & prepaids$12,653
Usable credit−$0
Total buyer cash needed$65,089
Earnest money paid−$0
Remaining funds due$65,089
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$232.82
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)$311.00
Prepaid interest, first (2 days)$12.12
Prepaid interest, second (2 days)$178.78
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 5 moOf the original 30-year loan at 4.750%
Interest already paid$95,869Through Nov 2026
Assumption only · ends Apr 2034$8,774
Assumption + second · ends Apr 2034, second Dec 2056$673,568
New conventional · ends Dec 2056$709,092