Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,374/mo
Lowest payment- Down payment
- $389,967
- Funds due
- $402,626
- Interest + MI left
- $64,082
- First ends
- May 2048
Assumption
Assumption + second
$3,802/mo
+$2,429/mo- Down payment
- $50,967
- Funds due
- $64,948
- Interest + MI left
- $599,391
- First ends
- May 2048
New loan
New conventional
$3,927/mo
+$2,553/mo- Down payment
- $50,967
- Funds due
- $61,807
- Interest + MI left
- $694,638
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $119,033 | $119,033 | $458,033 |
| Second mortgage | — | $339,000 | — |
| First P&I | $709.75 | $709.75 | $3,171.33 |
| Second P&I | — | $2,428.64 | — |
| Mortgage insurance | — | — | $91.61 |
| Taxes, insurance & HOA | $663.92 | $663.92 | $663.92 |
| Total housing payment | $1,373.66 | $3,802.30 | $3,926.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,967
Closing costs & prepaids$13,981
Usable credit−$0
Total buyer cash needed$64,948
Earnest money paid−$0
Remaining funds due$64,948
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,090.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$595.16
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)$951.75
Initial HOA (3 months)$540.00
Prepaid interest, first (1 days)$14.12
Prepaid interest, second (1 days)$71.98
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing21 yr 6 moOf the original 30-year loan at 4.330%
Interest already paid$48,516Through Nov 2026
Assumption only · ends May 2048$64,082
Assumption + second · ends May 2048, second Dec 2056$599,391
New conventional · ends Dec 2056$694,638