Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,346/mo
Lowest payment- Down payment
- $387,406
- Funds due
- $401,982
- Interest + MI left
- $88,697
- First ends
- Jun 2043
Assumption
Assumption + second
$4,646/mo
+$2,300/mo- Down payment
- $66,406
- Funds due
- $82,368
- Interest + MI left
- $595,583
- First ends
- Jun 2043
New loan
New conventional
$4,759/mo
+$2,413/mo- Down payment
- $66,406
- Funds due
- $78,349
- Interest + MI left
- $900,074
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $272,494 | $272,494 | $593,494 |
| Second mortgage | — | $321,000 | — |
| First P&I | $1,815.03 | $1,815.03 | $4,109.23 |
| Second P&I | — | $2,299.68 | — |
| Mortgage insurance | — | — | $118.70 |
| Taxes, insurance & HOA | $530.83 | $530.83 | $530.83 |
| Total housing payment | $2,345.86 | $4,645.54 | $4,758.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$66,406
Closing costs & prepaids$15,961
Usable credit−$0
Total buyer cash needed$82,368
Earnest money paid−$0
Remaining funds due$82,368
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,599.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,362.47
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)$693.50
Initial HOA (3 months)$399.00
Prepaid interest, first (2 days)$53.15
Prepaid interest, second (2 days)$136.32
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing16 yr 7 moOf the original 30-year loan at 3.560%
Interest already paid$163,514Through Nov 2026
Assumption only · ends Jun 2043$88,697
Assumption + second · ends Jun 2043, second Dec 2056$595,583
New conventional · ends Dec 2056$900,074