Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,778/mo
Lowest payment- Down payment
- $379,749
- Funds due
- $393,220
- Interest + MI left
- $89,365
- First ends
- Jun 2046
Assumption
Assumption + second
$4,063/mo
+$2,285/mo- Down payment
- $60,749
- Funds due
- $75,538
- Interest + MI left
- $593,093
- First ends
- Jun 2046
New loan
New conventional
$4,301/mo
+$2,524/mo- Down payment
- $60,749
- Funds due
- $71,806
- Interest + MI left
- $817,551
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $220,151 | $220,151 | $539,151 |
| Second mortgage | — | $319,000 | — |
| First P&I | $1,317.09 | $1,317.09 | $3,732.97 |
| Second P&I | — | $2,285.36 | — |
| Mortgage insurance | — | — | $107.83 |
| Taxes, insurance & HOA | $460.50 | $460.50 | $460.50 |
| Total housing payment | $1,777.59 | $4,062.95 | $4,301.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,749
Closing costs & prepaids$14,789
Usable credit−$0
Total buyer cash needed$75,538
Earnest money paid−$0
Remaining funds due$75,538
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,100.76
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)$533.50
Initial HOA (3 months)$348.00
Prepaid interest, first (1 days)$22.26
Prepaid interest, second (1 days)$67.73
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 7 moOf the original 30-year loan at 3.690%
Interest already paid$98,288Through Nov 2026
Assumption only · ends Jun 2046$89,365
Assumption + second · ends Jun 2046, second Dec 2056$593,093
New conventional · ends Dec 2056$817,551