Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,179/mo
Lowest payment- Down payment
- $269,547
- Funds due
- $286,695
- Interest + MI left
- $150,603
- First ends
- Jul 2046
Assumption
Assumption + second
$4,617/mo
+$1,438/mo- Down payment
- $73,547
- Funds due
- $92,203
- Interest + MI left
- $472,348
- First ends
- Jul 2046
New loan
New conventional
$5,171/mo
+$1,992/mo- Down payment
- $73,547
- Funds due
- $87,390
- Interest + MI left
- $967,154
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $465,453 | $465,453 | $661,453 |
| Second mortgage | — | $196,000 | — |
| First P&I | $2,621.52 | $2,621.52 | $4,480.91 |
| Second P&I | — | $1,438.18 | — |
| Mortgage insurance | — | — | $132.29 |
| Taxes, insurance & HOA | $557.67 | $557.67 | $557.67 |
| Total housing payment | $3,179.18 | $4,617.36 | $5,170.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$73,547
Closing costs & prepaids$18,656
Usable credit−$0
Total buyer cash needed$92,203
Earnest money paid−$0
Remaining funds due$92,203
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,327.26
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)$882.00
Initial HOA (3 months)$141.00
Prepaid interest, first (6 days)$229.54
Prepaid interest, second (6 days)$257.75
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 closing19 yr 7 moOf the original 25-year loan at 3%
Interest already paid$83,035Through Dec 2026
Assumption only · ends Jul 2046$150,603
Assumption + second · ends Jul 2046, second Jan 2057$472,348
New conventional · ends Jan 2057$967,154