Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,785/mo
Lowest payment- Down payment
- $317,382
- Funds due
- $330,177
- Interest + MI left
- $116,694
- First ends
- Feb 2047
Assumption
Assumption + second
$3,640/mo
+$1,856/mo- Down payment
- $58,382
- Funds due
- $72,537
- Interest + MI left
- $525,677
- First ends
- Feb 2047
New loan
New conventional
$3,925/mo
+$2,140/mo- Down payment
- $58,382
- Funds due
- $68,666
- Interest + MI left
- $783,383
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $257,618 | $257,618 | $516,618 |
| Second mortgage | — | $259,000 | — |
| First P&I | $1,540.38 | $1,540.38 | $3,576.96 |
| Second P&I | — | $1,855.51 | — |
| Mortgage insurance | — | — | $103.32 |
| Taxes, insurance & HOA | $244.42 | $244.42 | $244.42 |
| Total housing payment | $1,784.80 | $3,640.31 | $3,924.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,382
Closing costs & prepaids$14,155
Usable credit−$0
Total buyer cash needed$72,537
Earnest money paid−$0
Remaining funds due$72,537
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,288.09
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)$33.25
Initial HOA (3 months)$200.01
Prepaid interest, first (2 days)$55.62
Prepaid interest, second (2 days)$109.99
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 yr 3 moOf the original 30-year loan at 3.940%
Interest already paid$112,842Through Nov 2026
Assumption only · ends Feb 2047$116,694
Assumption + second · ends Feb 2047, second Dec 2056$525,677
New conventional · ends Dec 2056$783,383