Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,123/mo
Lowest payment- Down payment
- $442,722
- Funds due
- $458,147
- Interest + MI left
- $69,178
- First ends
- Nov 2046
Assumption
Assumption + second
$4,831/mo
+$2,708/mo- Down payment
- $64,722
- Funds due
- $81,558
- Interest + MI left
- $666,071
- First ends
- Nov 2046
New loan
New conventional
$5,110/mo
+$2,986/mo- Down payment
- $64,722
- Funds due
- $77,923
- Interest + MI left
- $871,575
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $196,778 | $196,778 | $574,778 |
| Second mortgage | — | $378,000 | — |
| First P&I | $1,108.15 | $1,108.15 | $3,979.65 |
| Second P&I | — | $2,708.04 | — |
| Mortgage insurance | — | — | $114.96 |
| Taxes, insurance & HOA | $1,014.92 | $1,014.92 | $1,014.92 |
| Total housing payment | $2,123.07 | $4,831.11 | $5,109.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$64,722
Closing costs & prepaids$16,836
Usable credit−$0
Total buyer cash needed$81,558
Earnest money paid−$0
Remaining funds due$81,558
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,395.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$983.89
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)$2,544.75
Prepaid interest, first (2 days)$34.18
Prepaid interest, second (2 days)$160.52
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 closing20 yrOf the original 25-year loan at 3.170%
Interest already paid$33,884Through Nov 2026
Assumption only · ends Nov 2046$69,178
Assumption + second · ends Nov 2046, second Dec 2056$666,071
New conventional · ends Dec 2056$871,575