Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,068/mo
Lowest payment- Down payment
- $342,592
- Funds due
- $356,795
- Interest + MI left
- $132,906
- First ends
- Mar 2048
Assumption
Assumption + second
$4,074/mo
+$2,006/mo- Down payment
- $62,592
- Funds due
- $78,580
- Interest + MI left
- $575,050
- First ends
- Mar 2048
New loan
New conventional
$4,347/mo
+$2,278/mo- Down payment
- $62,592
- Funds due
- $74,706
- Interest + MI left
- $814,876
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $277,308 | $277,308 | $557,308 |
| Second mortgage | — | $280,000 | — |
| First P&I | $1,608.68 | $1,608.68 | $3,775.40 |
| Second P&I | — | $2,005.95 | — |
| Mortgage insurance | — | — | $111.46 |
| Taxes, insurance & HOA | $459.67 | $459.67 | $459.67 |
| Total housing payment | $2,068.35 | $4,074.30 | $4,346.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,592
Closing costs & prepaids$15,988
Usable credit−$0
Total buyer cash needed$78,580
Earnest money paid−$0
Remaining funds due$78,580
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,199.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,386.54
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)$744.00
Initial HOA (3 months)$135.00
Prepaid interest, first (9 days)$270.09
Prepaid interest, second (9 days)$535.07
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 closing21 yr 3 moOf the original 30-year loan at 3.95%
Interest already paid$107,219Through Dec 2026
Assumption only · ends Mar 2048$132,906
Assumption + second · ends Mar 2048, second Jan 2057$575,050
New conventional · ends Jan 2057$814,876