Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,976/mo
Lowest payment- Down payment
- $341,899
- Funds due
- $355,588
- Interest + MI left
- $133,821
- First ends
- Mar 2048
Assumption
Assumption + second
$3,975/mo
+$1,999/mo- Down payment
- $62,899
- Funds due
- $77,897
- Interest + MI left
- $574,386
- First ends
- Mar 2048
New loan
New conventional
$4,335/mo
+$2,359/mo- Down payment
- $62,899
- Funds due
- $73,859
- Interest + MI left
- $844,618
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $278,001 | $278,001 | $557,001 |
| Second mortgage | — | $279,000 | — |
| First P&I | $1,608.68 | $1,608.68 | $3,856.56 |
| Second P&I | — | $1,998.79 | — |
| Mortgage insurance | — | — | $111.40 |
| Taxes, insurance & HOA | $367.33 | $367.33 | $367.33 |
| Total housing payment | $1,976.01 | $3,974.80 | $4,335.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,899
Closing costs & prepaids$14,998
Usable credit−$0
Total buyer cash needed$77,897
Earnest money paid−$0
Remaining funds due$77,897
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,199.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,390.01
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)$467.00
Initial HOA (3 months)$135.00
Prepaid interest, first (1 days)$30.09
Prepaid interest, second (1 days)$59.24
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 4 moOf the original 30-year loan at 3.950%
Interest already paid$106,304Through Nov 2026
Assumption only · ends Mar 2048$133,821
Assumption + second · ends Mar 2048, second Dec 2056$574,386
New conventional · ends Dec 2056$844,618