Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,789/mo
Lowest payment- Down payment
- $346,557
- Funds due
- $359,725
- Interest + MI left
- $99,794
- First ends
- Sep 2046
Assumption
Assumption + second
$3,838/mo
+$2,049/mo- Down payment
- $60,557
- Funds due
- $75,036
- Interest + MI left
- $551,412
- First ends
- Sep 2046
New loan
New conventional
$4,141/mo
+$2,353/mo- Down payment
- $60,557
- Funds due
- $71,154
- Interest + MI left
- $814,961
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $251,443 | $251,443 | $537,443 |
| Second mortgage | — | $286,000 | — |
| First P&I | $1,475.78 | $1,475.78 | $3,721.15 |
| Second P&I | — | $2,048.94 | — |
| Mortgage insurance | — | — | $107.49 |
| Taxes, insurance & HOA | $312.83 | $312.83 | $312.83 |
| Total housing payment | $1,788.62 | $3,837.56 | $4,141.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,557
Closing costs & prepaids$14,479
Usable credit−$0
Total buyer cash needed$75,036
Earnest money paid−$0
Remaining funds due$75,036
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,980.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,257.21
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)$402.50
Initial HOA (3 months)$36.00
Prepaid interest, first (1 days)$24.59
Prepaid interest, second (1 days)$60.73
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 10 moOf the original 30-year loan at 3.570%
Interest already paid$105,681Through Nov 2026
Assumption only · ends Sep 2046$99,794
Assumption + second · ends Sep 2046, second Dec 2056$551,412
New conventional · ends Dec 2056$814,961