Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,695/mo
Lowest payment- Down payment
- $247,920
- Funds due
- $262,823
- Interest + MI left
- $95,493
- First ends
- Jan 2046
Assumption
Assumption + second
$4,104/mo
+$1,409/mo- Down payment
- $55,920
- Funds due
- $72,115
- Interest + MI left
- $410,671
- First ends
- Jan 2046
New loan
New conventional
$4,486/mo
+$1,791/mo- Down payment
- $55,920
- Funds due
- $68,036
- Interest + MI left
- $749,207
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $302,080 | $302,080 | $494,080 |
| Second mortgage | — | $192,000 | — |
| First P&I | $1,728.58 | $1,728.58 | $3,420.91 |
| Second P&I | — | $1,408.83 | — |
| Mortgage insurance | — | — | $98.82 |
| Taxes, insurance & HOA | $966.58 | $966.58 | $966.58 |
| Total housing payment | $2,695.16 | $4,103.98 | $4,486.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,920
Closing costs & prepaids$16,195
Usable credit−$0
Total buyer cash needed$72,115
Earnest money paid−$0
Remaining funds due$72,115
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,510.40
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)$1,960.75
Initial HOA (3 months)$438.99
Prepaid interest, first (1 days)$24.83
Prepaid interest, second (1 days)$42.08
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 closing19 yr 2 moOf the original 30-year loan at 3.000%
Interest already paid$116,795Through Nov 2026
Assumption only · ends Jan 2046$95,493
Assumption + second · ends Jan 2046, second Dec 2056$410,671
New conventional · ends Dec 2056$749,207