Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,561/mo
Lowest payment- Down payment
- $432,017
- Funds due
- $449,024
- Interest + MI left
- $112,408
- First ends
- Oct 2046
Assumption
Assumption + second
$5,133/mo
+$2,572/mo- Down payment
- $73,017
- Funds due
- $91,655
- Interest + MI left
- $679,299
- First ends
- Oct 2046
New loan
New conventional
$5,418/mo
+$2,857/mo- Down payment
- $73,017
- Funds due
- $87,518
- Interest + MI left
- $960,472
- 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 | $656,883 |
| Second mortgage | — | $359,000 | — |
| First P&I | $1,723.91 | $1,723.91 | $4,449.95 |
| Second P&I | — | $2,571.92 | — |
| Mortgage insurance | — | — | $131.38 |
| Taxes, insurance & HOA | $837.08 | $837.08 | $837.08 |
| Total housing payment | $2,560.99 | $5,132.91 | $5,418.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$73,017
Closing costs & prepaids$18,638
Usable credit−$0
Total buyer cash needed$91,655
Earnest money paid−$0
Remaining funds due$91,655
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,299.00
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)$1,861.25
Prepaid interest, first (5 days)$139.15
Prepaid interest, second (5 days)$381.13
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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$679,299
New conventional · ends Jan 2057$960,472