Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,805/mo
Lowest payment- Down payment
- $242,361
- Funds due
- $254,680
- Interest + MI left
- $84,221
- First ends
- Nov 2046
Assumption
Assumption + second
$3,243/mo
+$1,438/mo- Down payment
- $46,361
- Funds due
- $59,973
- Interest + MI left
- $405,965
- First ends
- Nov 2046
New loan
New conventional
$3,494/mo
+$1,689/mo- Down payment
- $46,361
- Funds due
- $56,399
- Interest + MI left
- $627,311
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $217,639 | $217,639 | $413,639 |
| Second mortgage | — | $196,000 | — |
| First P&I | $1,257.75 | $1,257.75 | $2,863.95 |
| Second P&I | — | $1,438.18 | — |
| Mortgage insurance | — | — | $82.73 |
| Taxes, insurance & HOA | $547.42 | $547.42 | $547.42 |
| Total housing payment | $1,805.16 | $3,243.34 | $3,494.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,361
Closing costs & prepaids$13,612
Usable credit−$0
Total buyer cash needed$59,973
Earnest money paid−$0
Remaining funds due$59,973
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,088.19
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)$668.25
Initial HOA (3 months)$474.00
Prepaid interest, first (1 days)$20.63
Prepaid interest, second (1 days)$42.96
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 3.460%
Interest already paid$87,076Through Nov 2026
Assumption only · ends Nov 2046$84,221
Assumption + second · ends Nov 2046, second Dec 2056$405,965
New conventional · ends Dec 2056$627,311