Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,942/mo
Lowest payment- Down payment
- $374,052
- Funds due
- $388,259
- Interest + MI left
- $92,353
- First ends
- Jun 2048
Assumption
Assumption + second
$4,206/mo
+$2,264/mo- Down payment
- $58,052
- Funds due
- $73,643
- Interest + MI left
- $591,343
- First ends
- Jun 2048
New loan
New conventional
$4,505/mo
+$2,563/mo- Down payment
- $58,052
- Funds due
- $70,031
- Interest + MI left
- $790,053
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $204,948 | $204,948 | $520,948 |
| Second mortgage | — | $316,000 | — |
| First P&I | $1,147.88 | $1,147.88 | $3,606.94 |
| Second P&I | — | $2,263.86 | — |
| Mortgage insurance | — | — | $104.19 |
| Taxes, insurance & HOA | $794.34 | $794.34 | $794.34 |
| Total housing payment | $1,942.22 | $4,206.08 | $4,505.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,052
Closing costs & prepaids$15,591
Usable credit−$0
Total buyer cash needed$73,643
Earnest money paid−$0
Remaining funds due$73,643
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,790.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,024.74
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)$1,533.00
Initial HOA (3 months)$350.01
Prepaid interest, first (2 days)$41.33
Prepaid interest, second (2 days)$134.19
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 closing21 yr 7 moOf the original 30-year loan at 3.680%
Interest already paid$70,884Through Nov 2026
Assumption only · ends Jun 2048$92,353
Assumption + second · ends Jun 2048, second Dec 2056$591,343
New conventional · ends Dec 2056$790,053