Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,260/mo
Lowest payment- Down payment
- $390,248
- Funds due
- $402,677
- Interest + MI left
- $63,652
- First ends
- May 2048
Assumption
Assumption + second
$3,689/mo
+$2,429/mo- Down payment
- $51,248
- Funds due
- $65,575
- Interest + MI left
- $598,962
- First ends
- May 2048
New loan
New conventional
$3,743/mo
+$2,483/mo- Down payment
- $51,248
- Funds due
- $62,462
- Interest + MI left
- $669,309
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $118,752 | $118,752 | $457,752 |
| Second mortgage | — | $339,000 | — |
| First P&I | $709.75 | $709.75 | $3,100.97 |
| Second P&I | — | $2,428.64 | — |
| Mortgage insurance | — | — | $91.55 |
| Taxes, insurance & HOA | $550.25 | $550.25 | $550.25 |
| Total housing payment | $1,260.00 | $3,688.63 | $3,742.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,248
Closing costs & prepaids$14,327
Usable credit−$0
Total buyer cash needed$65,575
Earnest money paid−$0
Remaining funds due$65,575
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,090.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$593.76
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)$610.75
Initial HOA (3 months)$540.00
Prepaid interest, first (9 days)$126.79
Prepaid interest, second (9 days)$647.82
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 closing21 yr 5 moOf the original 30-year loan at 4.33%
Interest already paid$48,945Through Dec 2026
Assumption only · ends May 2048$63,652
Assumption + second · ends May 2048, second Jan 2057$598,962
New conventional · ends Jan 2057$669,309