Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,474/mo
Lowest payment- Down payment
- $479,353
- Funds due
- $490,713
- Interest + MI left
- $2,379
- First ends
- Apr 2030
Assumption
Assumption + second
$4,526/mo
+$3,052/mo- Down payment
- $53,353
- Funds due
- $66,144
- Interest + MI left
- $675,068
- First ends
- Apr 2030
New loan
New conventional
$3,662/mo
+$2,189/mo- Down payment
- $53,353
- Funds due
- $63,342
- Interest + MI left
- $715,190
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $45,647 | $45,647 | $471,647 |
| Second mortgage | — | $426,000 | — |
| First P&I | $1,171.37 | $1,171.37 | $3,265.59 |
| Second P&I | — | $3,051.92 | — |
| Mortgage insurance | — | — | $94.33 |
| Taxes, insurance & HOA | $302.25 | $302.25 | $302.25 |
| Total housing payment | $1,473.62 | $4,525.53 | $3,662.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,353
Closing costs & prepaids$12,791
Usable credit−$0
Total buyer cash needed$66,144
Earnest money paid−$0
Remaining funds due$66,144
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$228.24
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)$406.75
Prepaid interest, first (2 days)$7.33
Prepaid interest, second (2 days)$180.90
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 5 moOf the original 15-year loan at 2.930%
Interest already paid$38,017Through Nov 2026
Assumption only · ends Apr 2030$2,379
Assumption + second · ends Apr 2030, second Dec 2056$675,068
New conventional · ends Dec 2056$715,190