Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,734/mo
Lowest payment- Down payment
- $521,454
- Funds due
- $539,617
- Interest + MI left
- $113,298
- First ends
- Apr 2046
Assumption
Assumption + second
$5,893/mo
+$3,159/mo- Down payment
- $80,454
- Funds due
- $100,055
- Interest + MI left
- $809,674
- First ends
- Apr 2046
New loan
New conventional
$6,164/mo
+$3,430/mo- Down payment
- $80,454
- Funds due
- $95,885
- Interest + MI left
- $1,083,514
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $273,546 | $273,546 | $714,546 |
| Second mortgage | — | $441,000 | — |
| First P&I | $1,660.27 | $1,660.27 | $4,947.37 |
| Second P&I | — | $3,159.38 | — |
| Mortgage insurance | — | — | $142.91 |
| Taxes, insurance & HOA | $1,073.58 | $1,073.58 | $1,073.58 |
| Total housing payment | $2,733.85 | $5,893.23 | $6,163.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$80,454
Closing costs & prepaids$19,601
Usable credit−$0
Total buyer cash needed$100,055
Earnest money paid−$0
Remaining funds due$100,055
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,367.73
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)$2,035.75
Initial HOA (3 months)$534.99
Prepaid interest, first (2 days)$56.81
Prepaid interest, second (2 days)$187.27
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 closing19 yr 5 moOf the original 30-year loan at 3.790%
Interest already paid$127,651Through Nov 2026
Assumption only · ends Apr 2046$113,298
Assumption + second · ends Apr 2046, second Dec 2056$809,674
New conventional · ends Dec 2056$1,083,514