Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,548/mo
Lowest payment- Down payment
- $480,413
- Funds due
- $492,016
- Interest + MI left
- $2,267
- First ends
- Apr 2030
Assumption
Assumption + second
$4,607/mo
+$3,059/mo- Down payment
- $53,413
- Funds due
- $67,082
- Interest + MI left
- $676,536
- First ends
- Apr 2030
New loan
New conventional
$3,666/mo
+$2,118/mo- Down payment
- $53,413
- Funds due
- $64,269
- Interest + MI left
- $689,444
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $44,587 | $44,587 | $471,587 |
| Second mortgage | — | $427,000 | — |
| First P&I | $1,171.37 | $1,171.37 | $3,194.69 |
| Second P&I | — | $3,059.08 | — |
| Mortgage insurance | — | — | $94.32 |
| Taxes, insurance & HOA | $376.67 | $376.67 | $376.67 |
| Total housing payment | $1,548.03 | $4,607.11 | $3,665.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,413
Closing costs & prepaids$13,669
Usable credit−$0
Total buyer cash needed$67,082
Earnest money paid−$0
Remaining funds due$67,082
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$222.94
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)$630.00
Prepaid interest, first (9 days)$32.21
Prepaid interest, second (9 days)$815.98
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 4 moOf the original 15-year loan at 2.93%
Interest already paid$38,129Through Dec 2026
Assumption only · ends Apr 2030$2,267
Assumption + second · ends Apr 2030, second Jan 2057$676,536
New conventional · ends Jan 2057$689,444