Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,201/mo
Lowest payment- Down payment
- $546,518
- Funds due
- $566,638
- Interest + MI left
- $135,270
- First ends
- Jun 2047
Assumption
Assumption + second
$6,446/mo
+$3,245/mo- Down payment
- $93,518
- Funds due
- $114,984
- Interest + MI left
- $850,596
- First ends
- Jun 2047
New loan
New conventional
$7,060/mo
+$3,859/mo- Down payment
- $93,518
- Funds due
- $110,129
- Interest + MI left
- $1,268,581
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $383,482 | $383,482 | $836,482 |
| Second mortgage | — | $453,000 | — |
| First P&I | $2,100.21 | $2,100.21 | $5,791.63 |
| Second P&I | — | $3,245.35 | — |
| Mortgage insurance | — | — | $167.30 |
| Taxes, insurance & HOA | $1,100.67 | $1,100.67 | $1,100.67 |
| Total housing payment | $3,200.88 | $6,446.23 | $7,059.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$93,518
Closing costs & prepaids$21,466
Usable credit−$0
Total buyer cash needed$114,984
Earnest money paid−$0
Remaining funds due$114,984
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,917.41
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)$1,936.00
Initial HOA (3 months)$716.01
Prepaid interest, first (1 days)$32.46
Prepaid interest, second (1 days)$96.18
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 7 moOf the original 26-year loan at 3.090%
Interest already paid$69,993Through Nov 2026
Assumption only · ends Jun 2047$135,270
Assumption + second · ends Jun 2047, second Dec 2056$850,596
New conventional · ends Dec 2056$1,268,581