Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,644/mo
Lowest payment- Down payment
- $333,076
- Funds due
- $345,516
- Interest + MI left
- $77,761
- First ends
- Jan 2045
Assumption
Assumption + second
$3,650/mo
+$2,006/mo- Down payment
- $53,076
- Funds due
- $66,885
- Interest + MI left
- $519,905
- First ends
- Jan 2045
New loan
New conventional
$3,769/mo
+$2,125/mo- Down payment
- $53,076
- Funds due
- $63,382
- Interest + MI left
- $715,610
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $191,924 | $191,924 | $471,924 |
| Second mortgage | — | $280,000 | — |
| First P&I | $1,237.09 | $1,237.09 | $3,267.51 |
| Second P&I | — | $2,005.95 | — |
| Mortgage insurance | — | — | $94.38 |
| Taxes, insurance & HOA | $406.83 | $406.83 | $406.83 |
| Total housing payment | $1,643.92 | $3,649.87 | $3,768.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,076
Closing costs & prepaids$13,809
Usable credit−$0
Total buyer cash needed$66,885
Earnest money paid−$0
Remaining funds due$66,885
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$959.62
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)$438.50
Initial HOA (3 months)$282.00
Prepaid interest, first (2 days)$41.75
Prepaid interest, second (2 days)$118.90
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 3.970%
Interest already paid$107,527Through Nov 2026
Assumption only · ends Jan 2045$77,761
Assumption + second · ends Jan 2045, second Dec 2056$519,905
New conventional · ends Dec 2056$715,610