Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,283/mo
Lowest payment- Down payment
- $297,753
- Funds due
- $311,918
- Interest + MI left
- $120,059
- First ends
- Sep 2047
Assumption
Assumption + second
$4,009/mo
+$1,727/mo- Down payment
- $56,753
- Funds due
- $72,219
- Interest + MI left
- $500,619
- First ends
- Sep 2047
New loan
New conventional
$4,335/mo
+$2,053/mo- Down payment
- $56,753
- Funds due
- $68,325
- Interest + MI left
- $761,591
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $261,247 | $261,247 | $502,247 |
| Second mortgage | — | $241,000 | — |
| First P&I | $1,525.22 | $1,525.22 | $3,477.46 |
| Second P&I | — | $1,726.55 | — |
| Mortgage insurance | — | — | $100.45 |
| Taxes, insurance & HOA | $757.50 | $757.50 | $757.50 |
| Total housing payment | $2,282.72 | $4,009.28 | $4,335.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,753
Closing costs & prepaids$15,466
Usable credit−$0
Total buyer cash needed$72,219
Earnest money paid−$0
Remaining funds due$72,219
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,590.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,306.23
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)$1,397.50
Initial HOA (3 months)$375.00
Prepaid interest, first (1 days)$27.77
Prepaid interest, second (1 days)$51.17
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 closing20 yr 10 moOf the original 30-year loan at 3.880%
Interest already paid$104,866Through Nov 2026
Assumption only · ends Sep 2047$120,059
Assumption + second · ends Sep 2047, second Dec 2056$500,619
New conventional · ends Dec 2056$761,591