Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,086/mo
Lowest payment- Down payment
- $540,489
- Funds due
- $553,978
- Interest + MI left
- $37,348
- First ends
- Mar 2046
Assumption
Assumption + second
$4,453/mo
+$3,367/mo- Down payment
- $70,489
- Funds due
- $85,328
- Interest + MI left
- $779,518
- First ends
- Mar 2046
New loan
New conventional
$4,722/mo
+$3,636/mo- Down payment
- $70,489
- Funds due
- $81,800
- Interest + MI left
- $954,696
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $159,511 | $159,511 | $629,511 |
| Second mortgage | — | $470,000 | — |
| First P&I | $848.53 | $848.53 | $4,358.61 |
| Second P&I | — | $3,367.14 | — |
| Mortgage insurance | — | — | $125.90 |
| Taxes, insurance & HOA | $237.67 | $237.67 | $237.67 |
| Total housing payment | $1,086.20 | $4,453.33 | $4,722.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$70,489
Closing costs & prepaids$14,838
Usable credit−$0
Total buyer cash needed$85,328
Earnest money paid−$0
Remaining funds due$85,328
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$797.55
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)$213.00
Prepaid interest, first (1 days)$9.83
Prepaid interest, second (1 days)$99.79
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 4 moOf the original 30-year loan at 2.250%
Interest already paid$46,137Through Nov 2026
Assumption only · ends Mar 2046$37,348
Assumption + second · ends Mar 2046, second Dec 2056$779,518
New conventional · ends Dec 2056$954,696