Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,439/mo
Lowest payment- Down payment
- $474,738
- Funds due
- $491,910
- Interest + MI left
- $116,459
- First ends
- Nov 2046
Assumption
Assumption + second
$5,276/mo
+$2,837/mo- Down payment
- $78,738
- Funds due
- $97,917
- Interest + MI left
- $741,776
- First ends
- Nov 2046
New loan
New conventional
$5,562/mo
+$3,124/mo- Down payment
- $78,738
- Funds due
- $93,790
- Interest + MI left
- $1,023,899
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $304,262 | $304,262 | $700,262 |
| Second mortgage | — | $396,000 | — |
| First P&I | $1,760.34 | $1,760.34 | $4,743.82 |
| Second P&I | — | $2,836.99 | — |
| Mortgage insurance | — | — | $140.05 |
| Taxes, insurance & HOA | $678.25 | $678.25 | $678.25 |
| Total housing payment | $2,438.59 | $5,275.58 | $5,562.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$78,738
Closing costs & prepaids$19,179
Usable credit−$0
Total buyer cash needed$97,917
Earnest money paid−$0
Remaining funds due$97,917
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,790.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,521.31
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)$934.75
Initial HOA (3 months)$450.00
Prepaid interest, first (9 days)$258.08
Prepaid interest, second (9 days)$756.74
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 11 moOf the original 30-year loan at 3.44%
Interest already paid$122,304Through Dec 2026
Assumption only · ends Nov 2046$116,459
Assumption + second · ends Nov 2046, second Jan 2057$741,776
New conventional · ends Jan 2057$1,023,899