Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,500/mo
Lowest payment- Down payment
- $326,571
- Funds due
- $338,883
- Interest + MI left
- $73,223
- First ends
- Nov 2046
Assumption
Assumption + second
$3,463/mo
+$1,963/mo- Down payment
- $52,571
- Funds due
- $66,191
- Interest + MI left
- $505,892
- First ends
- Nov 2046
New loan
New conventional
$3,710/mo
+$2,210/mo- Down payment
- $52,571
- Funds due
- $62,688
- Interest + MI left
- $704,245
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $190,429 | $190,429 | $464,429 |
| Second mortgage | — | $274,000 | — |
| First P&I | $1,098.55 | $1,098.55 | $3,215.61 |
| Second P&I | — | $1,962.97 | — |
| Mortgage insurance | — | — | $92.89 |
| Taxes, insurance & HOA | $401.17 | $401.17 | $401.17 |
| Total housing payment | $1,499.72 | $3,462.69 | $3,709.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,571
Closing costs & prepaids$13,620
Usable credit−$0
Total buyer cash needed$66,191
Earnest money paid−$0
Remaining funds due$66,191
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,170.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$952.14
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)$487.50
Initial HOA (3 months)$216.00
Prepaid interest, first (1 days)$17.95
Prepaid interest, second (1 days)$58.18
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 closing20 yrOf the original 30-year loan at 3.440%
Interest already paid$75,779Through Nov 2026
Assumption only · ends Nov 2046$73,223
Assumption + second · ends Nov 2046, second Dec 2056$505,892
New conventional · ends Dec 2056$704,245