Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,295/mo
Lowest payment- Down payment
- $541,039
- Funds due
- $555,230
- Interest + MI left
- $37,049
- First ends
- Mar 2046
Assumption
Assumption + second
$4,669/mo
+$3,374/mo- Down payment
- $70,039
- Funds due
- $86,380
- Interest + MI left
- $780,798
- First ends
- Mar 2046
New loan
New conventional
$4,840/mo
+$3,545/mo- Down payment
- $70,039
- Funds due
- $82,969
- Interest + MI left
- $921,107
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $158,961 | $158,961 | $629,961 |
| Second mortgage | — | $471,000 | — |
| First P&I | $848.53 | $848.53 | $4,267.58 |
| Second P&I | — | $3,374.30 | — |
| Mortgage insurance | — | — | $125.99 |
| Taxes, insurance & HOA | $446.67 | $446.67 | $446.67 |
| Total housing payment | $1,295.20 | $4,669.50 | $4,840.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$70,039
Closing costs & prepaids$16,341
Usable credit−$0
Total buyer cash needed$86,380
Earnest money paid−$0
Remaining funds due$86,380
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$794.81
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)$840.00
Prepaid interest, first (9 days)$88.19
Prepaid interest, second (9 days)$900.06
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 3 moOf the original 30-year loan at 2.25%
Interest already paid$46,436Through Dec 2026
Assumption only · ends Mar 2046$37,049
Assumption + second · ends Mar 2046, second Jan 2057$780,798
New conventional · ends Jan 2057$921,107