Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,405/mo
Lowest payment- Down payment
- $255,664
- Funds due
- $266,795
- Interest + MI left
- $60,174
- First ends
- Jan 2046
Assumption
Assumption + second
$2,917/mo
+$1,512/mo- Down payment
- $44,664
- Funds due
- $57,090
- Interest + MI left
- $393,360
- First ends
- Jan 2046
New loan
New conventional
$3,158/mo
+$1,753/mo- Down payment
- $44,664
- Funds due
- $53,698
- Interest + MI left
- $599,475
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $184,336 | $184,336 | $395,336 |
| Second mortgage | — | $211,000 | — |
| First P&I | $1,063.08 | $1,063.08 | $2,737.23 |
| Second P&I | — | $1,511.63 | — |
| Mortgage insurance | — | — | $79.07 |
| Taxes, insurance & HOA | $341.92 | $341.92 | $341.92 |
| Total housing payment | $1,405.00 | $2,916.63 | $3,158.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,664
Closing costs & prepaids$12,426
Usable credit−$0
Total buyer cash needed$57,090
Earnest money paid−$0
Remaining funds due$57,090
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$921.68
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$320.75
Initial HOA (3 months)$255.00
Prepaid interest, first (1 days)$15.61
Prepaid interest, second (1 days)$44.80
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 2 moOf the original 24-year loan at 3.090%
Interest already paid$29,995Through Nov 2026
Assumption only · ends Jan 2046$60,174
Assumption + second · ends Jan 2046, second Dec 2056$393,360
New conventional · ends Dec 2056$599,475