Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$915/mo
Lowest payment- Down payment
- $396,324
- Funds due
- $406,663
- Interest + MI left
- $8,018
- First ends
- Jul 2033
Assumption
Assumption + second
$3,437/mo
+$2,522/mo- Down payment
- $44,324
- Funds due
- $56,585
- Interest + MI left
- $563,855
- First ends
- Jul 2033
New loan
New conventional
$3,049/mo
+$2,134/mo- Down payment
- $44,324
- Funds due
- $53,869
- Interest + MI left
- $571,155
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $38,676 | $38,676 | $390,676 |
| Second mortgage | — | $352,000 | — |
| First P&I | $591.06 | $591.06 | $2,646.58 |
| Second P&I | — | $2,521.77 | — |
| Mortgage insurance | — | — | $78.14 |
| Taxes, insurance & HOA | $324.00 | $324.00 | $324.00 |
| Total housing payment | $915.06 | $3,436.83 | $3,048.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,324
Closing costs & prepaids$12,262
Usable credit−$0
Total buyer cash needed$56,585
Earnest money paid−$0
Remaining funds due$56,585
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$193.38
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$522.00
Prepaid interest, first (9 days)$55.79
Prepaid interest, second (9 days)$672.66
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 closing6 yr 7 moOf the original 30-year loan at 5.85%
Interest already paid$104,575Through Dec 2026
Assumption only · ends Jul 2033$8,018
Assumption + second · ends Jul 2033, second Jan 2057$563,855
New conventional · ends Jan 2057$571,155