Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,156/mo
Lowest payment- Down payment
- $264,057
- Funds due
- $281,414
- Interest + MI left
- $235,960
- First ends
- Oct 2049
Assumption
Assumption + second
$4,542/mo
+$1,387/mo- Down payment
- $75,057
- Funds due
- $93,913
- Interest + MI left
- $546,214
- First ends
- Oct 2049
New loan
New conventional
$5,228/mo
+$2,073/mo- Down payment
- $75,057
- Funds due
- $88,941
- Interest + MI left
- $986,878
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $485,943 | $485,943 | $674,943 |
| Second mortgage | — | $189,000 | — |
| First P&I | $2,634.68 | $2,634.68 | $4,572.30 |
| Second P&I | — | $1,386.82 | — |
| Mortgage insurance | — | — | $134.99 |
| Taxes, insurance & HOA | $520.84 | $520.84 | $520.84 |
| Total housing payment | $3,155.52 | $4,542.34 | $5,228.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$75,057
Closing costs & prepaids$18,856
Usable credit−$0
Total buyer cash needed$93,913
Earnest money paid−$0
Remaining funds due$93,913
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,429.72
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)$900.00
Initial HOA (3 months)$12.51
Prepaid interest, first (6 days)$297.16
Prepaid interest, second (6 days)$248.55
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 closing22 yr 10 moOf the original 30-year loan at 3.72%
Interest already paid$141,525Through Dec 2026
Assumption only · ends Oct 2049$235,960
Assumption + second · ends Oct 2049, second Jan 2057$546,214
New conventional · ends Jan 2057$986,878