Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,544/mo
Lowest payment- Down payment
- $327,124
- Funds due
- $339,709
- Interest + MI left
- $72,677
- First ends
- Nov 2046
Assumption
Assumption + second
$3,514/mo
+$1,970/mo- Down payment
- $52,124
- Funds due
- $66,484
- Interest + MI left
- $506,925
- First ends
- Nov 2046
New loan
New conventional
$3,688/mo
+$2,144/mo- Down payment
- $52,124
- Funds due
- $63,107
- Interest + MI left
- $679,726
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $189,876 | $189,876 | $464,876 |
| Second mortgage | — | $275,000 | — |
| First P&I | $1,098.55 | $1,098.55 | $3,149.23 |
| Second P&I | — | $1,970.13 | — |
| Mortgage insurance | — | — | $92.98 |
| Taxes, insurance & HOA | $445.50 | $445.50 | $445.50 |
| Total housing payment | $1,544.05 | $3,514.18 | $3,687.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,124
Closing costs & prepaids$14,360
Usable credit−$0
Total buyer cash needed$66,484
Earnest money paid−$0
Remaining funds due$66,484
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,170.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$949.38
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)$620.50
Initial HOA (3 months)$216.00
Prepaid interest, first (9 days)$161.06
Prepaid interest, second (9 days)$525.51
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 3.44%
Interest already paid$76,325Through Dec 2026
Assumption only · ends Nov 2046$72,677
Assumption + second · ends Nov 2046, second Jan 2057$506,925
New conventional · ends Jan 2057$679,726