Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,766/mo
Lowest payment- Down payment
- $242,992
- Funds due
- $255,356
- Interest + MI left
- $83,593
- First ends
- Nov 2046
Assumption
Assumption + second
$3,205/mo
+$1,438/mo- Down payment
- $46,992
- Funds due
- $60,992
- Interest + MI left
- $405,338
- First ends
- Nov 2046
New loan
New conventional
$3,389/mo
+$1,623/mo- Down payment
- $46,992
- Funds due
- $57,554
- Interest + MI left
- $603,803
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $217,008 | $217,008 | $413,008 |
| Second mortgage | — | $196,000 | — |
| First P&I | $1,257.75 | $1,257.75 | $2,797.86 |
| Second P&I | — | $1,438.18 | — |
| Mortgage insurance | — | — | $82.60 |
| Taxes, insurance & HOA | $508.67 | $508.67 | $508.67 |
| Total housing payment | $1,766.41 | $3,204.59 | $3,389.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,992
Closing costs & prepaids$14,001
Usable credit−$0
Total buyer cash needed$60,992
Earnest money paid−$0
Remaining funds due$60,992
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,085.04
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)$552.00
Initial HOA (3 months)$474.00
Prepaid interest, first (9 days)$185.14
Prepaid interest, second (9 days)$386.63
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 3.46%
Interest already paid$87,704Through Dec 2026
Assumption only · ends Nov 2046$83,593
Assumption + second · ends Nov 2046, second Jan 2057$405,338
New conventional · ends Jan 2057$603,803