Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,480/mo
Lowest payment- Down payment
- $478,321
- Funds due
- $491,289
- Interest + MI left
- $33,885
- First ends
- Oct 2038
Assumption
Assumption + second
$4,489/mo
+$3,009/mo- Down payment
- $58,321
- Funds due
- $73,342
- Interest + MI left
- $697,101
- First ends
- Oct 2038
New loan
New conventional
$4,164/mo
+$2,684/mo- Down payment
- $58,321
- Funds due
- $70,194
- Interest + MI left
- $765,691
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $103,669 | $103,669 | $523,669 |
| Second mortgage | — | $420,000 | — |
| First P&I | $968.69 | $968.69 | $3,547.52 |
| Second P&I | — | $3,008.93 | — |
| Mortgage insurance | — | — | $104.73 |
| Taxes, insurance & HOA | $511.50 | $511.50 | $511.50 |
| Total housing payment | $1,480.19 | $4,489.13 | $4,163.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,321
Closing costs & prepaids$15,021
Usable credit−$0
Total buyer cash needed$73,342
Earnest money paid−$0
Remaining funds due$73,342
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,819.90
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$518.35
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)$698.50
Initial HOA (3 months)$336.00
Prepaid interest, first (9 days)$127.81
Prepaid interest, second (9 days)$802.60
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 closing11 yr 10 moOf the original 30-year loan at 5%
Interest already paid$134,395Through Dec 2026
Assumption only · ends Oct 2038$33,885
Assumption + second · ends Oct 2038, second Jan 2057$697,101
New conventional · ends Jan 2057$765,691