Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,726/mo
Lowest payment- Down payment
- $437,899
- Funds due
- $455,216
- Interest + MI left
- $137,674
- First ends
- Oct 2046
Assumption
Assumption + second
$5,284/mo
+$2,558/mo- Down payment
- $80,899
- Funds due
- $99,542
- Interest + MI left
- $701,407
- First ends
- Oct 2046
New loan
New conventional
$5,757/mo
+$3,031/mo- Down payment
- $80,899
- Funds due
- $94,916
- Interest + MI left
- $1,090,270
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $362,001 | $362,001 | $719,001 |
| Second mortgage | — | $357,000 | — |
| First P&I | $2,090.69 | $2,090.69 | $4,978.22 |
| Second P&I | — | $2,557.59 | — |
| Mortgage insurance | — | — | $143.80 |
| Taxes, insurance & HOA | $635.25 | $635.25 | $635.25 |
| Total housing payment | $2,725.94 | $5,283.53 | $5,757.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$80,899
Closing costs & prepaids$18,642
Usable credit−$0
Total buyer cash needed$99,542
Earnest money paid−$0
Remaining funds due$99,542
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,810.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$886.75
Initial HOA (3 months)$369.00
Prepaid interest, first (1 days)$33.92
Prepaid interest, second (1 days)$75.80
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 11 moOf the original 30-year loan at 3.420%
Interest already paid$144,724Through Nov 2026
Assumption only · ends Oct 2046$137,674
Assumption + second · ends Oct 2046, second Dec 2056$701,407
New conventional · ends Dec 2056$1,090,270