Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,393/mo
Lowest payment- Down payment
- $304,572
- Funds due
- $316,244
- Interest + MI left
- $66,696
- First ends
- Feb 2046
Assumption
Assumption + second
$3,242/mo
+$1,848/mo- Down payment
- $46,572
- Funds due
- $59,604
- Interest + MI left
- $474,100
- First ends
- Feb 2046
New loan
New conventional
$3,374/mo
+$1,981/mo- Down payment
- $46,572
- Funds due
- $56,347
- Interest + MI left
- $625,392
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $154,428 | $154,428 | $412,428 |
| Second mortgage | — | $258,000 | — |
| First P&I | $957.25 | $957.25 | $2,855.57 |
| Second P&I | — | $1,848.34 | — |
| Mortgage insurance | — | — | $82.49 |
| Taxes, insurance & HOA | $436.25 | $436.25 | $436.25 |
| Total housing payment | $1,393.50 | $3,241.84 | $3,374.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,572
Closing costs & prepaids$13,032
Usable credit−$0
Total buyer cash needed$59,604
Earnest money paid−$0
Remaining funds due$59,604
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,590.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$772.14
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)$808.75
Prepaid interest, first (2 days)$33.59
Prepaid interest, second (2 days)$109.56
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 3 moOf the original 30-year loan at 3.970%
Interest already paid$76,679Through Nov 2026
Assumption only · ends Feb 2046$66,696
Assumption + second · ends Feb 2046, second Dec 2056$474,100
New conventional · ends Dec 2056$625,392