Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,894/mo
Lowest payment- Down payment
- $347,285
- Funds due
- $360,961
- Interest + MI left
- $99,046
- First ends
- Sep 2046
Assumption
Assumption + second
$3,950/mo
+$2,056/mo- Down payment
- $60,285
- Funds due
- $75,759
- Interest + MI left
- $552,243
- First ends
- Sep 2046
New loan
New conventional
$4,168/mo
+$2,274/mo- Down payment
- $60,285
- Funds due
- $72,043
- Interest + MI left
- $786,228
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $250,715 | $250,715 | $537,715 |
| Second mortgage | — | $287,000 | — |
| First P&I | $1,475.78 | $1,475.78 | $3,642.67 |
| Second P&I | — | $2,056.10 | — |
| Mortgage insurance | — | — | $107.54 |
| Taxes, insurance & HOA | $417.83 | $417.83 | $417.83 |
| Total housing payment | $1,893.62 | $3,949.72 | $4,168.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,285
Closing costs & prepaids$15,474
Usable credit−$0
Total buyer cash needed$75,759
Earnest money paid−$0
Remaining funds due$75,759
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,980.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,253.58
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)$717.50
Initial HOA (3 months)$36.00
Prepaid interest, first (9 days)$220.70
Prepaid interest, second (9 days)$548.45
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$106,429Through Dec 2026
Assumption only · ends Sep 2046$99,046
Assumption + second · ends Sep 2046, second Jan 2057$552,243
New conventional · ends Jan 2057$786,228