Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,842/mo
Lowest payment- Down payment
- $363,712
- Funds due
- $377,540
- Interest + MI left
- $127,558
- First ends
- Oct 2049
Assumption
Assumption + second
$3,999/mo
+$2,156/mo- Down payment
- $62,712
- Funds due
- $77,854
- Interest + MI left
- $602,863
- First ends
- Oct 2049
New loan
New conventional
$4,427/mo
+$2,585/mo- Down payment
- $62,712
- Funds due
- $73,910
- Interest + MI left
- $849,714
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $259,288 | $259,288 | $560,288 |
| Second mortgage | — | $301,000 | — |
| First P&I | $1,406.71 | $1,406.71 | $3,879.32 |
| Second P&I | — | $2,156.40 | — |
| Mortgage insurance | — | — | $112.06 |
| Taxes, insurance & HOA | $435.50 | $435.50 | $435.50 |
| Total housing payment | $1,842.21 | $3,998.61 | $4,426.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,712
Closing costs & prepaids$15,141
Usable credit−$0
Total buyer cash needed$77,854
Earnest money paid−$0
Remaining funds due$77,854
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,230.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,296.44
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)$26.64
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 3.750%
Interest already paid$75,109Through Nov 2026
Assumption only · ends Oct 2049$127,558
Assumption + second · ends Oct 2049, second Dec 2056$602,863
New conventional · ends Dec 2056$849,714