Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,233/mo
Lowest payment- Down payment
- $410,271
- Funds due
- $420,520
- Interest + MI left
- $3,727
- First ends
- Nov 2029
Assumption
Assumption + second
$3,856/mo
+$2,622/mo- Down payment
- $44,271
- Funds due
- $55,925
- Interest + MI left
- $581,672
- First ends
- Nov 2029
New loan
New conventional
$3,125/mo
+$1,892/mo- Down payment
- $44,271
- Funds due
- $53,283
- Interest + MI left
- $599,998
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $29,629 | $29,629 | $395,629 |
| Second mortgage | — | $366,000 | — |
| First P&I | $926.55 | $926.55 | $2,739.26 |
| Second P&I | — | $2,622.07 | — |
| Mortgage insurance | — | — | $79.13 |
| Taxes, insurance & HOA | $306.92 | $306.92 | $306.92 |
| Total housing payment | $1,233.47 | $3,855.54 | $3,125.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,271
Closing costs & prepaids$11,654
Usable credit−$0
Total buyer cash needed$55,925
Earnest money paid−$0
Remaining funds due$55,925
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,399.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$148.15
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)$350.75
Initial HOA (3 months)$120.00
Prepaid interest, first (2 days)$12.76
Prepaid interest, second (2 days)$155.42
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 yrOf the original 30-year loan at 7.860%
Interest already paid$201,860Through Nov 2026
Assumption only · ends Nov 2029$3,727
Assumption + second · ends Nov 2029, second Dec 2056$581,672
New conventional · ends Dec 2056$599,998