Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,098/mo
Lowest payment- Down payment
- $529,218
- Funds due
- $542,660
- Interest + MI left
- $11,008
- First ends
- Jul 2033
Assumption
Assumption + second
$5,422/mo
+$3,324/mo- Down payment
- $65,218
- Funds due
- $80,797
- Interest + MI left
- $743,703
- First ends
- Jul 2033
New loan
New conventional
$4,509/mo
+$2,411/mo- Down payment
- $65,218
- Funds due
- $77,568
- Interest + MI left
- $854,902
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $120,682 | $120,682 | $584,682 |
| Second mortgage | — | $464,000 | — |
| First P&I | $1,666.97 | $1,666.97 | $3,960.84 |
| Second P&I | — | $3,324.15 | — |
| Mortgage insurance | — | — | $116.94 |
| Taxes, insurance & HOA | $431.00 | $431.00 | $431.00 |
| Total housing payment | $2,097.97 | $5,422.12 | $4,508.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,218
Closing costs & prepaids$15,579
Usable credit−$0
Total buyer cash needed$80,797
Earnest money paid−$0
Remaining funds due$80,797
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$603.41
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)$780.00
Initial HOA (3 months)$12.99
Prepaid interest, first (9 days)$79.15
Prepaid interest, second (9 days)$886.68
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 closing6 yr 7 moOf the original 20-year loan at 2.66%
Interest already paid$79,064Through Dec 2026
Assumption only · ends Jul 2033$11,008
Assumption + second · ends Jul 2033, second Jan 2057$743,703
New conventional · ends Jan 2057$854,902