Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,725/mo
Lowest payment- Down payment
- $271,612
- Funds due
- $283,890
- Interest + MI left
- $89,068
- First ends
- Aug 2046
Assumption
Assumption + second
$3,316/mo
+$1,590/mo- Down payment
- $49,612
- Funds due
- $63,187
- Interest + MI left
- $439,625
- First ends
- Aug 2046
New loan
New conventional
$3,580/mo
+$1,854/mo- Down payment
- $49,612
- Funds due
- $59,552
- Interest + MI left
- $675,461
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $223,388 | $223,388 | $445,388 |
| Second mortgage | — | $222,000 | — |
| First P&I | $1,318.38 | $1,318.38 | $3,083.78 |
| Second P&I | — | $1,590.44 | — |
| Mortgage insurance | — | — | $89.08 |
| Taxes, insurance & HOA | $407.00 | $407.00 | $407.00 |
| Total housing payment | $1,725.38 | $3,315.82 | $3,579.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,612
Closing costs & prepaids$13,575
Usable credit−$0
Total buyer cash needed$63,187
Earnest money paid−$0
Remaining funds due$63,187
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,116.94
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)$607.00
Initial HOA (3 months)$114.00
Prepaid interest, first (1 days)$22.03
Prepaid interest, second (1 days)$47.14
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 closing19 yr 9 moOf the original 30-year loan at 3.600%
Interest already paid$95,569Through Nov 2026
Assumption only · ends Aug 2046$89,068
Assumption + second · ends Aug 2046, second Dec 2056$439,625
New conventional · ends Dec 2056$675,461