Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,525/mo
Lowest payment- Down payment
- $243,680
- Funds due
- $257,933
- Interest + MI left
- $144,184
- First ends
- Oct 2047
Assumption
Assumption + second
$3,905/mo
+$1,379/mo- Down payment
- $55,680
- Funds due
- $71,265
- Interest + MI left
- $452,796
- First ends
- Oct 2047
New loan
New conventional
$4,248/mo
+$1,723/mo- Down payment
- $55,680
- Funds due
- $67,191
- Interest + MI left
- $748,054
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $305,320 | $305,320 | $493,320 |
| Second mortgage | — | $188,000 | — |
| First P&I | $1,790.85 | $1,790.85 | $3,415.65 |
| Second P&I | — | $1,379.48 | — |
| Mortgage insurance | — | — | $98.66 |
| Taxes, insurance & HOA | $734.17 | $734.17 | $734.17 |
| Total housing payment | $2,525.02 | $3,904.50 | $4,248.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,680
Closing costs & prepaids$15,586
Usable credit−$0
Total buyer cash needed$71,265
Earnest money paid−$0
Remaining funds due$71,265
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,526.60
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)$1,506.25
Initial HOA (3 months)$196.26
Prepaid interest, first (2 days)$66.25
Prepaid interest, second (2 days)$82.41
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 11 moOf the original 30-year loan at 3.960%
Interest already paid$123,591Through Nov 2026
Assumption only · ends Oct 2047$144,184
Assumption + second · ends Oct 2047, second Dec 2056$452,796
New conventional · ends Dec 2056$748,054