Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,376/mo
Lowest payment- Down payment
- $316,591
- Funds due
- $328,210
- Interest + MI left
- $63,469
- First ends
- Jan 2045
Assumption
Assumption + second
$3,303/mo
+$1,927/mo- Down payment
- $47,591
- Funds due
- $60,574
- Interest + MI left
- $488,242
- First ends
- Jan 2045
New loan
New conventional
$3,403/mo
+$2,027/mo- Down payment
- $47,591
- Funds due
- $57,287
- Interest + MI left
- $648,195
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $158,409 | $158,409 | $427,409 |
| Second mortgage | — | $269,000 | — |
| First P&I | $1,017.79 | $1,017.79 | $2,959.29 |
| Second P&I | — | $1,927.15 | — |
| Mortgage insurance | — | — | $85.48 |
| Taxes, insurance & HOA | $358.00 | $358.00 | $358.00 |
| Total housing payment | $1,375.79 | $3,302.93 | $3,402.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,591
Closing costs & prepaids$12,982
Usable credit−$0
Total buyer cash needed$60,574
Earnest money paid−$0
Remaining funds due$60,574
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$792.04
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)$301.00
Initial HOA (3 months)$273.00
Prepaid interest, first (2 days)$34.11
Prepaid interest, second (2 days)$114.23
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 closing18 yr 2 moOf the original 30-year loan at 3.930%
Interest already paid$87,934Through Nov 2026
Assumption only · ends Jan 2045$63,469
Assumption + second · ends Jan 2045, second Dec 2056$488,242
New conventional · ends Dec 2056$648,195