Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,105/mo
Lowest payment- Down payment
- $338,694
- Funds due
- $352,630
- Interest + MI left
- $101,820
- First ends
- May 2046
Assumption
Assumption + second
$4,111/mo
+$2,006/mo- Down payment
- $58,694
- Funds due
- $73,999
- Interest + MI left
- $543,963
- First ends
- May 2046
New loan
New conventional
$4,346/mo
+$2,241/mo- Down payment
- $58,694
- Funds due
- $70,215
- Interest + MI left
- $787,120
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $239,083 | $239,083 | $519,083 |
| Second mortgage | — | $280,000 | — |
| First P&I | $1,456.85 | $1,456.85 | $3,594.03 |
| Second P&I | — | $2,005.95 | — |
| Mortgage insurance | — | — | $103.82 |
| Taxes, insurance & HOA | $648.17 | $648.17 | $648.17 |
| Total housing payment | $2,105.02 | $4,110.97 | $4,346.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,694
Closing costs & prepaids$15,305
Usable credit−$0
Total buyer cash needed$73,999
Earnest money paid−$0
Remaining funds due$73,999
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,777.77
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,195.41
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)$1,444.50
Prepaid interest, first (2 days)$50.70
Prepaid interest, second (2 days)$118.90
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 closing19 yr 6 moOf the original 30-year loan at 3.870%
Interest already paid$112,646Through Nov 2026
Assumption only · ends May 2046$101,820
Assumption + second · ends May 2046, second Dec 2056$543,963
New conventional · ends Dec 2056$787,120