Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,916/mo
Lowest payment- Down payment
- $335,289
- Funds due
- $348,693
- Interest + MI left
- $105,060
- First ends
- Sep 2046
Assumption
Assumption + second
$3,886/mo
+$1,970/mo- Down payment
- $60,289
- Funds due
- $75,001
- Interest + MI left
- $539,308
- First ends
- Sep 2046
New loan
New conventional
$4,207/mo
+$2,291/mo- Down payment
- $60,289
- Funds due
- $71,057
- Interest + MI left
- $818,508
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $264,711 | $264,711 | $539,711 |
| Second mortgage | — | $275,000 | — |
| First P&I | $1,553.66 | $1,553.66 | $3,736.85 |
| Second P&I | — | $1,970.13 | — |
| Mortgage insurance | — | — | $107.94 |
| Taxes, insurance & HOA | $362.09 | $362.09 | $362.09 |
| Total housing payment | $1,915.74 | $3,885.88 | $4,206.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,289
Closing costs & prepaids$14,712
Usable credit−$0
Total buyer cash needed$75,001
Earnest money paid−$0
Remaining funds due$75,001
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,323.55
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)$542.25
Initial HOA (3 months)$44.01
Prepaid interest, first (1 days)$25.89
Prepaid interest, second (1 days)$58.39
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$111,257Through Nov 2026
Assumption only · ends Sep 2046$105,060
Assumption + second · ends Sep 2046, second Dec 2056$539,308
New conventional · ends Dec 2056$818,508