Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,498/mo
Lowest payment- Down payment
- $364,686
- Funds due
- $377,014
- Interest + MI left
- $55,101
- First ends
- Aug 2043
Assumption
Assumption + second
$3,740/mo
+$2,242/mo- Down payment
- $51,686
- Funds due
- $65,397
- Interest + MI left
- $549,354
- First ends
- Aug 2043
New loan
New conventional
$3,776/mo
+$2,279/mo- Down payment
- $51,686
- Funds due
- $62,109
- Interest + MI left
- $702,647
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $150,314 | $150,314 | $463,314 |
| Second mortgage | — | $313,000 | — |
| First P&I | $1,021.97 | $1,021.97 | $3,207.89 |
| Second P&I | — | $2,242.37 | — |
| Mortgage insurance | — | — | $92.66 |
| Taxes, insurance & HOA | $475.67 | $475.67 | $475.67 |
| Total housing payment | $1,497.63 | $3,740.00 | $3,776.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,686
Closing costs & prepaids$13,712
Usable credit−$0
Total buyer cash needed$65,397
Earnest money paid−$0
Remaining funds due$65,397
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$751.57
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)$747.00
Initial HOA (3 months)$180.00
Prepaid interest, first (2 days)$32.37
Prepaid interest, second (2 days)$132.92
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 closing16 yr 9 moOf the original 30-year loan at 3.930%
Interest already paid$96,924Through Nov 2026
Assumption only · ends Aug 2043$55,101
Assumption + second · ends Aug 2043, second Dec 2056$549,354
New conventional · ends Dec 2056$702,647