Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,609/mo
Lowest payment- Down payment
- $263,704
- Funds due
- $275,656
- Interest + MI left
- $77,362
- First ends
- Aug 2046
Assumption
Assumption + second
$3,156/mo
+$1,547/mo- Down payment
- $47,704
- Funds due
- $60,952
- Interest + MI left
- $418,444
- First ends
- Aug 2046
New loan
New conventional
$3,417/mo
+$1,809/mo- Down payment
- $47,704
- Funds due
- $57,426
- Interest + MI left
- $638,839
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $205,296 | $205,296 | $421,296 |
| Second mortgage | — | $216,000 | — |
| First P&I | $1,192.65 | $1,192.65 | $2,916.97 |
| Second P&I | — | $1,547.45 | — |
| Mortgage insurance | — | — | $84.26 |
| Taxes, insurance & HOA | $416.08 | $416.08 | $416.08 |
| Total housing payment | $1,608.73 | $3,156.18 | $3,417.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,704
Closing costs & prepaids$13,248
Usable credit−$0
Total buyer cash needed$60,952
Earnest money paid−$0
Remaining funds due$60,952
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,690.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,026.48
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)$523.25
Initial HOA (3 months)$225.00
Prepaid interest, first (1 days)$19.24
Prepaid interest, second (1 days)$45.86
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 9 moOf the original 30-year loan at 3.420%
Interest already paid$83,734Through Nov 2026
Assumption only · ends Aug 2046$77,362
Assumption + second · ends Aug 2046, second Dec 2056$418,444
New conventional · ends Dec 2056$638,839