Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$992/mo
Lowest payment- Down payment
- $512,242
- Funds due
- $524,920
- Interest + MI left
- $132,978
- First ends
- Nov 2055
Assumption
Assumption + second
$4,209/mo
+$3,217/mo- Down payment
- $63,242
- Funds due
- $77,361
- Interest + MI left
- $841,987
- First ends
- Nov 2055
New loan
New conventional
$4,288/mo
+$3,296/mo- Down payment
- $63,242
- Funds due
- $74,120
- Interest + MI left
- $851,831
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $112,758 | $112,758 | $561,758 |
| Second mortgage | — | $449,000 | — |
| First P&I | $706.14 | $706.14 | $3,889.50 |
| Second P&I | — | $3,216.69 | — |
| Mortgage insurance | — | — | $112.35 |
| Taxes, insurance & HOA | $285.83 | $285.83 | $285.83 |
| Total housing payment | $991.97 | $4,208.66 | $4,287.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,242
Closing costs & prepaids$14,119
Usable credit−$0
Total buyer cash needed$77,361
Earnest money paid−$0
Remaining funds due$77,361
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$563.79
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)$357.50
Prepaid interest, first (2 days)$38.92
Prepaid interest, second (2 days)$190.67
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing29 yrOf the original 30-year loan at 6.300%
Interest already paid$7,149Through Nov 2026
Assumption only · ends Nov 2055$132,978
Assumption + second · ends Nov 2055, second Dec 2056$841,987
New conventional · ends Dec 2056$851,831