Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,569/mo
Lowest payment- Down payment
- $442,017
- Funds due
- $459,121
- Interest + MI left
- $112,408
- First ends
- Oct 2046
Assumption
Assumption + second
$5,206/mo
+$2,636/mo- Down payment
- $74,017
- Funds due
- $92,684
- Interest + MI left
- $693,511
- First ends
- Oct 2046
New loan
New conventional
$5,458/mo
+$2,889/mo- Down payment
- $74,017
- Funds due
- $88,506
- Interest + MI left
- $962,296
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $297,883 | $297,883 | $665,883 |
| Second mortgage | — | $368,000 | — |
| First P&I | $1,723.91 | $1,723.91 | $4,479.44 |
| Second P&I | — | $2,636.40 | — |
| Mortgage insurance | — | — | $133.18 |
| Taxes, insurance & HOA | $845.58 | $845.58 | $845.58 |
| Total housing payment | $2,569.49 | $5,205.89 | $5,458.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$74,017
Closing costs & prepaids$18,667
Usable credit−$0
Total buyer cash needed$92,684
Earnest money paid−$0
Remaining funds due$92,684
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,399.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,489.42
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)$1,886.75
Prepaid interest, first (4 days)$111.32
Prepaid interest, second (4 days)$312.55
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 closing19 yr 10 moOf the original 30-year loan at 3.41%
Interest already paid$119,963Through Dec 2026
Assumption only · ends Oct 2046$112,408
Assumption + second · ends Oct 2046, second Jan 2057$693,511
New conventional · ends Jan 2057$962,296