Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,504/mo
Lowest payment- Down payment
- $344,876
- Funds due
- $357,006
- Interest + MI left
- $47,808
- First ends
- Dec 2042
Assumption
Assumption + second
$3,610/mo
+$2,106/mo- Down payment
- $50,876
- Funds due
- $64,381
- Interest + MI left
- $512,058
- First ends
- Dec 2042
New loan
New conventional
$3,652/mo
+$2,148/mo- Down payment
- $50,876
- Funds due
- $61,081
- Interest + MI left
- $681,037
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $155,124 | $155,124 | $449,124 |
| Second mortgage | — | $294,000 | — |
| First P&I | $1,051.46 | $1,051.46 | $3,109.64 |
| Second P&I | — | $2,106.25 | — |
| Mortgage insurance | — | — | $89.82 |
| Taxes, insurance & HOA | $452.17 | $452.17 | $452.17 |
| Total housing payment | $1,503.63 | $3,609.88 | $3,651.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,876
Closing costs & prepaids$13,505
Usable credit−$0
Total buyer cash needed$64,381
Earnest money paid−$0
Remaining funds due$64,381
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$775.62
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)$736.50
Initial HOA (3 months)$120.00
Prepaid interest, first (2 days)$29.66
Prepaid interest, second (2 days)$124.85
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 1 moOf the original 30-year loan at 3.490%
Interest already paid$96,272Through Nov 2026
Assumption only · ends Dec 2042$47,808
Assumption + second · ends Dec 2042, second Dec 2056$512,058
New conventional · ends Dec 2056$681,037