Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,808/mo
Lowest payment- Down payment
- $559,572
- Funds due
- $572,367
- Interest + MI left
- $7,578
- First ends
- Jul 2030
Assumption
Assumption + second
$5,376/mo
+$3,568/mo- Down payment
- $61,572
- Funds due
- $76,569
- Interest + MI left
- $793,962
- First ends
- Jul 2030
New loan
New conventional
$4,284/mo
+$2,476/mo- Down payment
- $61,572
- Funds due
- $73,580
- Interest + MI left
- $801,892
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $50,428 | $50,428 | $548,428 |
| Second mortgage | — | $498,000 | — |
| First P&I | $1,348.99 | $1,348.99 | $3,715.24 |
| Second P&I | — | $3,567.73 | — |
| Mortgage insurance | — | — | $109.69 |
| Taxes, insurance & HOA | $459.34 | $459.34 | $459.34 |
| Total housing payment | $1,808.33 | $5,376.06 | $4,284.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$61,572
Closing costs & prepaids$14,997
Usable credit−$0
Total buyer cash needed$76,569
Earnest money paid−$0
Remaining funds due$76,569
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$252.14
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)$732.00
Initial HOA (3 months)$146.01
Prepaid interest, first (9 days)$97.49
Prepaid interest, second (9 days)$951.66
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 closing3 yr 7 moOf the original 30-year loan at 7.84%
Interest already paid$291,384Through Dec 2026
Assumption only · ends Jul 2030$7,578
Assumption + second · ends Jul 2030, second Jan 2057$793,962
New conventional · ends Jan 2057$801,892