Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,975/mo
Lowest payment- Down payment
- $336,055
- Funds due
- $349,839
- Interest + MI left
- $104,272
- First ends
- Sep 2046
Assumption
Assumption + second
$3,952/mo
+$1,977/mo- Down payment
- $60,055
- Funds due
- $75,617
- Interest + MI left
- $540,099
- First ends
- Sep 2046
New loan
New conventional
$4,187/mo
+$2,212/mo- Down payment
- $60,055
- Funds due
- $71,849
- Interest + MI left
- $789,489
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $263,945 | $263,945 | $539,945 |
| Second mortgage | — | $276,000 | — |
| First P&I | $1,553.66 | $1,553.66 | $3,657.78 |
| Second P&I | — | $1,977.30 | — |
| Mortgage insurance | — | — | $107.99 |
| Taxes, insurance & HOA | $421.34 | $421.34 | $421.34 |
| Total housing payment | $1,974.99 | $3,952.29 | $4,187.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,055
Closing costs & prepaids$15,562
Usable credit−$0
Total buyer cash needed$75,617
Earnest money paid−$0
Remaining funds due$75,617
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,319.72
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)$720.00
Initial HOA (3 months)$44.01
Prepaid interest, first (9 days)$232.34
Prepaid interest, second (9 days)$527.42
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 9 moOf the original 30-year loan at 3.57%
Interest already paid$112,045Through Dec 2026
Assumption only · ends Sep 2046$104,272
Assumption + second · ends Sep 2046, second Jan 2057$540,099
New conventional · ends Jan 2057$789,489