Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,622/mo
Lowest payment- Down payment
- $264,312
- Funds due
- $276,454
- Interest + MI left
- $76,776
- First ends
- Aug 2046
Assumption
Assumption + second
$3,177/mo
+$1,555/mo- Down payment
- $47,312
- Funds due
- $61,118
- Interest + MI left
- $419,438
- First ends
- Aug 2046
New loan
New conventional
$3,370/mo
+$1,748/mo- Down payment
- $47,312
- Funds due
- $57,738
- Interest + MI left
- $616,578
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $204,688 | $204,688 | $421,688 |
| Second mortgage | — | $217,000 | — |
| First P&I | $1,192.65 | $1,192.65 | $2,856.66 |
| Second P&I | — | $1,554.61 | — |
| Mortgage insurance | — | — | $84.34 |
| Taxes, insurance & HOA | $429.25 | $429.25 | $429.25 |
| Total housing payment | $1,621.90 | $3,176.51 | $3,370.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,312
Closing costs & prepaids$13,806
Usable credit−$0
Total buyer cash needed$61,118
Earnest money paid−$0
Remaining funds due$61,118
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,690.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,023.44
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)$562.75
Initial HOA (3 months)$225.00
Prepaid interest, first (9 days)$172.61
Prepaid interest, second (9 days)$414.68
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 8 moOf the original 30-year loan at 3.42%
Interest already paid$84,319Through Dec 2026
Assumption only · ends Aug 2046$76,776
Assumption + second · ends Aug 2046, second Jan 2057$419,438
New conventional · ends Jan 2057$616,578