Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,846/mo
Lowest payment- Down payment
- $363,788
- Funds due
- $377,618
- Interest + MI left
- $128,382
- First ends
- Oct 2049
Assumption
Assumption + second
$4,002/mo
+$2,156/mo- Down payment
- $62,788
- Funds due
- $77,932
- Interest + MI left
- $603,687
- First ends
- Oct 2049
New loan
New conventional
$4,428/mo
+$2,582/mo- Down payment
- $62,788
- Funds due
- $73,987
- Interest + MI left
- $849,903
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $259,412 | $259,412 | $560,412 |
| Second mortgage | — | $301,000 | — |
| First P&I | $1,410.16 | $1,410.16 | $3,880.18 |
| Second P&I | — | $2,156.40 | — |
| Mortgage insurance | — | — | $112.08 |
| Taxes, insurance & HOA | $435.50 | $435.50 | $435.50 |
| Total housing payment | $1,845.66 | $4,002.06 | $4,427.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,788
Closing costs & prepaids$15,144
Usable credit−$0
Total buyer cash needed$77,932
Earnest money paid−$0
Remaining funds due$77,932
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,232.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,297.06
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)$661.50
Initial HOA (3 months)$144.99
Prepaid interest, first (1 days)$26.79
Prepaid interest, second (1 days)$63.91
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 closing22 yr 11 moOf the original 30-year loan at 3.770%
Interest already paid$75,526Through Nov 2026
Assumption only · ends Oct 2049$128,382
Assumption + second · ends Oct 2049, second Dec 2056$603,687
New conventional · ends Dec 2056$849,903