Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,491/mo
Lowest payment- Down payment
- $592,107
- Funds due
- $613,383
- Interest + MI left
- $276,757
- First ends
- May 2049
Assumption
Assumption + second
$6,959/mo
+$3,467/mo- Down payment
- $108,107
- Funds due
- $131,558
- Interest + MI left
- $1,041,033
- First ends
- May 2049
New loan
New conventional
$7,427/mo
+$3,936/mo- Down payment
- $108,107
- Funds due
- $126,268
- Interest + MI left
- $1,421,068
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $487,893 | $487,893 | $971,893 |
| Second mortgage | — | $484,000 | — |
| First P&I | $2,842.57 | $2,842.57 | $6,583.94 |
| Second P&I | — | $3,467.44 | — |
| Mortgage insurance | — | — | $194.38 |
| Taxes, insurance & HOA | $648.67 | $648.67 | $648.67 |
| Total housing payment | $3,491.23 | $6,958.67 | $7,426.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$108,107
Closing costs & prepaids$23,452
Usable credit−$0
Total buyer cash needed$131,558
Earnest money paid−$0
Remaining funds due$131,558
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$10,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,439.47
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$1,296.00
Prepaid interest, first (9 days)$523.32
Prepaid interest, second (9 days)$924.90
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 closing22 yr 5 moOf the original 30-year loan at 4.35%
Interest already paid$175,555Through Dec 2026
Assumption only · ends May 2049$276,757
Assumption + second · ends May 2049, second Jan 2057$1,041,033
New conventional · ends Jan 2057$1,421,068