Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,384/mo
Lowest payment- Down payment
- $436,786
- Funds due
- $448,958
- Interest + MI left
- $34,319
- First ends
- Oct 2038
Assumption
Assumption + second
$4,120/mo
+$2,737/mo- Down payment
- $54,786
- Funds due
- $68,370
- Interest + MI left
- $637,530
- First ends
- Oct 2038
New loan
New conventional
$3,878/mo
+$2,495/mo- Down payment
- $54,786
- Funds due
- $65,265
- Interest + MI left
- $737,264
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $104,204 | $104,204 | $486,204 |
| Second mortgage | — | $382,000 | — |
| First P&I | $968.69 | $968.69 | $3,366.38 |
| Second P&I | — | $2,736.69 | — |
| Mortgage insurance | — | — | $97.24 |
| Taxes, insurance & HOA | $414.83 | $414.83 | $414.83 |
| Total housing payment | $1,383.53 | $4,120.22 | $3,878.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,786
Closing costs & prepaids$13,584
Usable credit−$0
Total buyer cash needed$68,370
Earnest money paid−$0
Remaining funds due$68,370
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,409.90
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$521.02
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)$408.50
Initial HOA (3 months)$336.00
Prepaid interest, first (2 days)$28.55
Prepaid interest, second (2 days)$162.22
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 closing11 yr 11 moOf the original 30-year loan at 5.000%
Interest already paid$133,961Through Nov 2026
Assumption only · ends Oct 2038$34,319
Assumption + second · ends Oct 2038, second Dec 2056$637,530
New conventional · ends Dec 2056$737,264