Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,235/mo
Lowest payment- Down payment
- $550,299
- Funds due
- $567,300
- Interest + MI left
- $103,214
- First ends
- Apr 2046
Assumption
Assumption + second
$5,602/mo
+$3,367/mo- Down payment
- $80,299
- Funds due
- $98,650
- Interest + MI left
- $845,384
- First ends
- Apr 2046
New loan
New conventional
$5,846/mo
+$3,611/mo- Down payment
- $80,299
- Funds due
- $94,578
- Interest + MI left
- $1,090,717
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $249,201 | $249,201 | $719,201 |
| Second mortgage | — | $470,000 | — |
| First P&I | $1,512.51 | $1,512.51 | $4,979.60 |
| Second P&I | — | $3,367.14 | — |
| Mortgage insurance | — | — | $143.84 |
| Taxes, insurance & HOA | $722.17 | $722.17 | $722.17 |
| Total housing payment | $2,234.68 | $5,601.82 | $5,845.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$80,299
Closing costs & prepaids$18,351
Usable credit−$0
Total buyer cash needed$98,650
Earnest money paid−$0
Remaining funds due$98,650
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,995.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,246.00
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)$1,516.50
Prepaid interest, first (1 days)$25.88
Prepaid interest, second (1 days)$99.79
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 5 moOf the original 30-year loan at 3.790%
Interest already paid$116,290Through Nov 2026
Assumption only · ends Apr 2046$103,214
Assumption + second · ends Apr 2046, second Dec 2056$845,384
New conventional · ends Dec 2056$1,090,717