Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,366/mo
Lowest payment- Down payment
- $383,828
- Funds due
- $396,910
- Interest + MI left
- $17,838
- First ends
- Apr 2035
Assumption
Assumption + second
$4,723/mo
+$2,357/mo- Down payment
- $54,828
- Funds due
- $69,509
- Interest + MI left
- $537,357
- First ends
- Apr 2035
New loan
New conventional
$4,009/mo
+$1,644/mo- Down payment
- $54,828
- Funds due
- $66,209
- Interest + MI left
- $709,305
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $156,172 | $156,172 | $485,172 |
| Second mortgage | — | $329,000 | — |
| First P&I | $1,740.11 | $1,740.11 | $3,286.72 |
| Second P&I | — | $2,357.00 | — |
| Mortgage insurance | — | — | $97.03 |
| Taxes, insurance & HOA | $625.67 | $625.67 | $625.67 |
| Total housing payment | $2,365.77 | $4,722.77 | $4,009.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,828
Closing costs & prepaids$14,681
Usable credit−$0
Total buyer cash needed$69,509
Earnest money paid−$0
Remaining funds due$69,509
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$780.86
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)$1,377.00
Prepaid interest, first (5 days)$56.05
Prepaid interest, second (5 days)$349.28
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 closing8 yr 4 moOf the original 14-year loan at 2.62%
Interest already paid$30,001Through Dec 2026
Assumption only · ends Apr 2035$17,838
Assumption + second · ends Apr 2035, second Jan 2057$537,357
New conventional · ends Jan 2057$709,305