Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,829/mo
Lowest payment- Down payment
- $321,729
- Funds due
- $340,899
- Interest + MI left
- $166,912
- First ends
- Jul 2046
Assumption
Assumption + second
$5,606/mo
+$1,777/mo- Down payment
- $73,729
- Funds due
- $94,255
- Interest + MI left
- $558,525
- First ends
- Jul 2046
New loan
New conventional
$6,070/mo
+$2,241/mo- Down payment
- $73,729
- Funds due
- $89,507
- Interest + MI left
- $996,796
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $409,271 | $409,271 | $657,271 |
| Second mortgage | — | $248,000 | — |
| First P&I | $2,441.45 | $2,441.45 | $4,550.81 |
| Second P&I | — | $1,776.70 | — |
| Mortgage insurance | — | — | $131.45 |
| Taxes, insurance & HOA | $1,387.83 | $1,387.83 | $1,387.83 |
| Total housing payment | $3,829.29 | $5,605.99 | $6,070.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$73,729
Closing costs & prepaids$20,526
Usable credit−$0
Total buyer cash needed$94,255
Earnest money paid−$0
Remaining funds due$94,255
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,310.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,046.36
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)$1,827.50
Initial HOA (3 months)$1,686.00
Prepaid interest, first (2 days)$82.75
Prepaid interest, second (2 days)$105.32
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$180,935Through Nov 2026
Assumption only · ends Jul 2046$166,912
Assumption + second · ends Jul 2046, second Dec 2056$558,525
New conventional · ends Dec 2056$996,796