Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,052/mo
Lowest payment- Down payment
- $387,279
- Funds due
- $399,051
- Interest + MI left
- $27,893
- First ends
- Jan 2046
Assumption
Assumption + second
$3,495/mo
+$2,443/mo- Down payment
- $46,279
- Funds due
- $59,373
- Interest + MI left
- $566,361
- First ends
- Jan 2046
New loan
New conventional
$3,548/mo
+$2,496/mo- Down payment
- $46,279
- Funds due
- $56,532
- Interest + MI left
- $619,771
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $67,721 | $67,721 | $408,721 |
| Second mortgage | — | $341,000 | — |
| First P&I | $415.72 | $415.72 | $2,829.90 |
| Second P&I | — | $2,442.97 | — |
| Mortgage insurance | — | — | $81.74 |
| Taxes, insurance & HOA | $636.08 | $636.08 | $636.08 |
| Total housing payment | $1,051.80 | $3,494.76 | $3,547.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,279
Closing costs & prepaids$13,094
Usable credit−$0
Total buyer cash needed$59,373
Earnest money paid−$0
Remaining funds due$59,373
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,550.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$338.61
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)$993.25
Initial HOA (3 months)$414.99
Prepaid interest, first (1 days)$7.09
Prepaid interest, second (1 days)$72.40
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 3.820%
Interest already paid$32,764Through Nov 2026
Assumption only · ends Jan 2046$27,893
Assumption + second · ends Jan 2046, second Dec 2056$566,361
New conventional · ends Dec 2056$619,771