Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,255/mo
Lowest payment- Down payment
- $308,480
- Funds due
- $328,687
- Interest + MI left
- $209,088
- First ends
- Jan 2047
Assumption
Assumption + second
$5,889/mo
+$1,633/mo- Down payment
- $80,480
- Funds due
- $102,034
- Interest + MI left
- $569,120
- First ends
- Jan 2047
New loan
New conventional
$6,485/mo
+$2,230/mo- Down payment
- $80,480
- Funds due
- $96,823
- Interest + MI left
- $1,090,897
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $491,320 | $491,320 | $719,320 |
| Second mortgage | — | $228,000 | — |
| First P&I | $2,894.25 | $2,894.25 | $4,980.43 |
| Second P&I | — | $1,633.42 | — |
| Mortgage insurance | — | — | $143.86 |
| Taxes, insurance & HOA | $1,361.17 | $1,361.17 | $1,361.17 |
| Total housing payment | $4,255.41 | $5,888.83 | $6,485.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$80,480
Closing costs & prepaids$21,554
Usable credit−$0
Total buyer cash needed$102,034
Earnest money paid−$0
Remaining funds due$102,034
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,998.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,456.60
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)$1,999.50
Initial HOA (3 months)$1,434.00
Prepaid interest, first (2 days)$100.69
Prepaid interest, second (2 days)$96.82
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 2 moOf the original 30-year loan at 3.740%
Interest already paid$207,123Through Nov 2026
Assumption only · ends Jan 2047$209,088
Assumption + second · ends Jan 2047, second Dec 2056$569,120
New conventional · ends Dec 2056$1,090,897