Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,637/mo
Lowest payment- Down payment
- $307,383
- Funds due
- $319,751
- Interest + MI left
- $88,750
- First ends
- Jul 2046
Assumption
Assumption + second
$3,457/mo
+$1,820/mo- Down payment
- $53,383
- Funds due
- $67,108
- Interest + MI left
- $489,837
- First ends
- Jul 2046
New loan
New conventional
$3,699/mo
+$2,062/mo- Down payment
- $53,383
- Funds due
- $63,483
- Interest + MI left
- $715,145
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $217,617 | $217,617 | $471,617 |
| Second mortgage | — | $254,000 | — |
| First P&I | $1,298.16 | $1,298.16 | $3,265.38 |
| Second P&I | — | $1,819.69 | — |
| Mortgage insurance | — | — | $94.32 |
| Taxes, insurance & HOA | $339.08 | $339.08 | $339.08 |
| Total housing payment | $1,637.25 | $3,456.93 | $3,698.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,383
Closing costs & prepaids$13,725
Usable credit−$0
Total buyer cash needed$67,108
Earnest money paid−$0
Remaining funds due$67,108
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,088.08
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)$178.25
Initial HOA (3 months)$339.00
Prepaid interest, first (2 days)$44.00
Prepaid interest, second (2 days)$107.86
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 8 moOf the original 30-year loan at 3.690%
Interest already paid$96,206Through Nov 2026
Assumption only · ends Jul 2046$88,750
Assumption + second · ends Jul 2046, second Dec 2056$489,837
New conventional · ends Dec 2056$715,145