Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,623/mo
Lowest payment- Down payment
- $341,563
- Funds due
- $354,180
- Interest + MI left
- $69,846
- First ends
- Jun 2045
Assumption
Assumption + second
$3,700/mo
+$2,078/mo- Down payment
- $51,563
- Funds due
- $65,553
- Interest + MI left
- $527,780
- First ends
- Jun 2045
New loan
New conventional
$3,833/mo
+$2,210/mo- Down payment
- $51,563
- Funds due
- $62,156
- Interest + MI left
- $702,833
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $173,437 | $173,437 | $463,437 |
| Second mortgage | — | $290,000 | — |
| First P&I | $1,090.96 | $1,090.96 | $3,208.74 |
| Second P&I | — | $2,077.60 | — |
| Mortgage insurance | — | — | $92.69 |
| Taxes, insurance & HOA | $531.75 | $531.75 | $531.75 |
| Total housing payment | $1,622.71 | $3,700.30 | $3,833.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,563
Closing costs & prepaids$13,990
Usable credit−$0
Total buyer cash needed$65,553
Earnest money paid−$0
Remaining funds due$65,553
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$867.19
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)$471.25
Initial HOA (3 months)$624.00
Prepaid interest, first (2 days)$36.68
Prepaid interest, second (2 days)$123.15
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 closing18 yr 7 moOf the original 30-year loan at 3.860%
Interest already paid$90,473Through Nov 2026
Assumption only · ends Jun 2045$69,846
Assumption + second · ends Jun 2045, second Dec 2056$527,780
New conventional · ends Dec 2056$702,833