Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,864/mo
Lowest payment- Down payment
- $262,742
- Funds due
- $275,337
- Interest + MI left
- $101,309
- First ends
- Apr 2046
Assumption
Assumption + second
$3,382/mo
+$1,519/mo- Down payment
- $50,742
- Funds due
- $64,992
- Interest + MI left
- $436,075
- First ends
- Apr 2046
New loan
New conventional
$3,536/mo
+$1,673/mo- Down payment
- $50,742
- Funds due
- $61,419
- Interest + MI left
- $656,069
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $236,758 | $236,758 | $448,758 |
| Second mortgage | — | $212,000 | — |
| First P&I | $1,457.19 | $1,457.19 | $3,040.04 |
| Second P&I | — | $1,518.79 | — |
| Mortgage insurance | — | — | $89.75 |
| Taxes, insurance & HOA | $406.50 | $406.50 | $406.50 |
| Total housing payment | $1,863.69 | $3,382.48 | $3,536.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,742
Closing costs & prepaids$14,250
Usable credit−$0
Total buyer cash needed$64,992
Earnest money paid−$0
Remaining funds due$64,992
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,995.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,183.79
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)$599.50
Initial HOA (3 months)$120.00
Prepaid interest, first (9 days)$228.84
Prepaid interest, second (9 days)$405.12
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 30-year loan at 3.92%
Interest already paid$115,084Through Dec 2026
Assumption only · ends Apr 2046$101,309
Assumption + second · ends Apr 2046, second Jan 2057$436,075
New conventional · ends Jan 2057$656,069