Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,079/mo
Lowest payment- Down payment
- $327,759
- Funds due
- $342,143
- Interest + MI left
- $65,640
- First ends
- Apr 2046
Assumption
Assumption + second
$3,985/mo
+$1,906/mo- Down payment
- $61,759
- Funds due
- $77,902
- Interest + MI left
- $485,677
- First ends
- Apr 2046
New loan
New conventional
$4,416/mo
+$2,337/mo- Down payment
- $61,759
- Funds due
- $74,121
- Interest + MI left
- $808,784
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $287,141 | $287,141 | $553,141 |
| Second mortgage | — | $266,000 | — |
| First P&I | $1,520.61 | $1,520.61 | $3,747.17 |
| Second P&I | — | $1,905.66 | — |
| Mortgage insurance | — | — | $110.63 |
| Taxes, insurance & HOA | $558.67 | $558.67 | $558.67 |
| Total housing payment | $2,079.28 | $3,984.93 | $4,416.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$61,759
Closing costs & prepaids$16,143
Usable credit−$0
Total buyer cash needed$77,902
Earnest money paid−$0
Remaining funds due$77,902
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,149.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,435.71
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)$738.00
Initial HOA (3 months)$438.00
Prepaid interest, first (9 days)$155.76
Prepaid interest, second (9 days)$508.32
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 4 moOf the original 25-year loan at 2.2%
Interest already paid$39,896Through Dec 2026
Assumption only · ends Apr 2046$65,640
Assumption + second · ends Apr 2046, second Jan 2057$485,677
New conventional · ends Jan 2057$808,784