Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,809/mo
Lowest payment- Down payment
- $220,640
- Funds due
- $232,686
- Interest + MI left
- $97,554
- First ends
- Dec 2046
Assumption
Assumption + second
$3,078/mo
+$1,269/mo- Down payment
- $47,640
- Funds due
- $60,974
- Interest + MI left
- $381,543
- First ends
- Dec 2046
New loan
New conventional
$3,378/mo
+$1,569/mo- Down payment
- $47,640
- Funds due
- $57,231
- Interest + MI left
- $640,453
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $249,360 | $249,360 | $422,360 |
| Second mortgage | — | $173,000 | — |
| First P&I | $1,439.48 | $1,439.48 | $2,924.34 |
| Second P&I | — | $1,269.41 | — |
| Mortgage insurance | — | — | $84.47 |
| Taxes, insurance & HOA | $369.08 | $369.08 | $369.08 |
| Total housing payment | $1,808.56 | $3,077.97 | $3,377.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,640
Closing costs & prepaids$13,334
Usable credit−$0
Total buyer cash needed$60,974
Earnest money paid−$0
Remaining funds due$60,974
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,700.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,246.80
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)$552.25
Initial HOA (3 months)$54.99
Prepaid interest, first (1 days)$23.77
Prepaid interest, second (1 days)$37.92
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 closing20 yr 1 moOf the original 30-year loan at 3.480%
Interest already paid$99,295Through Nov 2026
Assumption only · ends Dec 2046$97,554
Assumption + second · ends Dec 2046, second Dec 2056$381,543
New conventional · ends Dec 2056$640,453