Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,800/mo
Lowest payment- Down payment
- $453,926
- Funds due
- $471,601
- Interest + MI left
- $175,272
- First ends
- Dec 2047
Assumption
Assumption + second
$5,458/mo
+$2,658/mo- Down payment
- $82,926
- Funds due
- $102,008
- Interest + MI left
- $761,112
- First ends
- Dec 2047
New loan
New conventional
$5,927/mo
+$3,127/mo- Down payment
- $82,926
- Funds due
- $97,344
- Interest + MI left
- $1,125,329
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $371,024 | $371,024 | $742,024 |
| Second mortgage | — | $371,000 | — |
| First P&I | $2,159.27 | $2,159.27 | $5,137.62 |
| Second P&I | — | $2,657.89 | — |
| Mortgage insurance | — | — | $148.40 |
| Taxes, insurance & HOA | $640.58 | $640.58 | $640.58 |
| Total housing payment | $2,799.85 | $5,457.74 | $5,926.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$82,926
Closing costs & prepaids$19,082
Usable credit−$0
Total buyer cash needed$102,008
Earnest money paid−$0
Remaining funds due$102,008
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,249.50
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,855.12
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$845.75
Initial HOA (3 months)$426.00
Prepaid interest, first (2 days)$79.90
Prepaid interest, second (2 days)$157.55
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 1 moOf the original 29-year loan at 3.930%
Interest already paid$128,154Through Nov 2026
Assumption only · ends Dec 2047$175,272
Assumption + second · ends Dec 2047, second Dec 2056$761,112
New conventional · ends Dec 2056$1,125,329