Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$996/mo
Lowest payment- Down payment
- $473,874
- Funds due
- $485,451
- Interest + MI left
- $8,589
- First ends
- Apr 2034
Assumption
Assumption + second
$4,013/mo
+$3,016/mo- Down payment
- $52,874
- Funds due
- $66,505
- Interest + MI left
- $673,384
- First ends
- Apr 2034
New loan
New conventional
$3,633/mo
+$2,636/mo- Down payment
- $52,874
- Funds due
- $63,671
- Interest + MI left
- $682,922
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $46,126 | $46,126 | $467,126 |
| Second mortgage | — | $421,000 | — |
| First P&I | $621.77 | $621.77 | $3,164.47 |
| Second P&I | — | $3,016.10 | — |
| Mortgage insurance | — | — | $93.43 |
| Taxes, insurance & HOA | $374.67 | $374.67 | $374.67 |
| Total housing payment | $996.43 | $4,012.53 | $3,632.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,874
Closing costs & prepaids$13,631
Usable credit−$0
Total buyer cash needed$66,505
Earnest money paid−$0
Remaining funds due$66,505
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$230.63
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)$624.00
Prepaid interest, first (9 days)$54.02
Prepaid interest, second (9 days)$804.51
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 closing7 yr 4 moOf the original 30-year loan at 4.75%
Interest already paid$96,054Through Dec 2026
Assumption only · ends Apr 2034$8,589
Assumption + second · ends Apr 2034, second Jan 2057$673,384
New conventional · ends Jan 2057$682,922