Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,899/mo
Lowest payment- Down payment
- $487,906
- Funds due
- $506,675
- Interest + MI left
- $136,879
- First ends
- Dec 2046
Assumption
Assumption + second
$5,743/mo
+$2,844/mo- Down payment
- $90,906
- Funds due
- $111,683
- Interest + MI left
- $763,776
- First ends
- Dec 2046
New loan
New conventional
$6,254/mo
+$3,355/mo- Down payment
- $90,906
- Funds due
- $107,039
- Interest + MI left
- $1,182,883
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $411,994 | $411,994 | $808,994 |
| Second mortgage | — | $397,000 | — |
| First P&I | $2,286.97 | $2,286.97 | $5,480.41 |
| Second P&I | — | $2,844.16 | — |
| Mortgage insurance | — | — | $161.80 |
| Taxes, insurance & HOA | $612.00 | $612.00 | $612.00 |
| Total housing payment | $2,898.97 | $5,743.13 | $6,254.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$90,906
Closing costs & prepaids$20,777
Usable credit−$0
Total buyer cash needed$111,683
Earnest money paid−$0
Remaining funds due$111,683
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,059.97
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$1,080.00
Initial HOA (3 months)$105.99
Prepaid interest, first (9 days)$305.78
Prepaid interest, second (9 days)$758.65
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 closing20 yrOf the original 25-year loan at 3.01%
Interest already paid$67,472Through Dec 2026
Assumption only · ends Dec 2046$136,879
Assumption + second · ends Dec 2046, second Jan 2057$763,776
New conventional · ends Jan 2057$1,182,883