Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,410/mo
Lowest payment- Down payment
- $591,037
- Funds due
- $611,668
- Interest + MI left
- $278,529
- First ends
- May 2049
Assumption
Assumption + second
$6,870/mo
+$3,460/mo- Down payment
- $108,037
- Funds due
- $130,123
- Interest + MI left
- $1,041,227
- First ends
- May 2049
New loan
New conventional
$7,491/mo
+$4,082/mo- Down payment
- $108,037
- Funds due
- $124,627
- Interest + MI left
- $1,474,047
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $488,963 | $488,963 | $971,963 |
| Second mortgage | — | $483,000 | — |
| First P&I | $2,842.57 | $2,842.57 | $6,729.68 |
| Second P&I | — | $3,460.27 | — |
| Mortgage insurance | — | — | $194.39 |
| Taxes, insurance & HOA | $567.25 | $567.25 | $567.25 |
| Total housing payment | $3,409.82 | $6,870.09 | $7,491.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$108,037
Closing costs & prepaids$22,086
Usable credit−$0
Total buyer cash needed$130,123
Earnest money paid−$0
Remaining funds due$130,123
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$10,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,444.82
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$1,051.75
Prepaid interest, first (2 days)$116.55
Prepaid interest, second (2 days)$205.11
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 closing22 yr 6 moOf the original 30-year loan at 4.350%
Interest already paid$173,782Through Nov 2026
Assumption only · ends May 2049$278,529
Assumption + second · ends May 2049, second Dec 2056$1,041,227
New conventional · ends Dec 2056$1,474,047