Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,200/mo
Lowest payment- Down payment
- $505,228
- Funds due
- $524,140
- Interest + MI left
- $184,435
- First ends
- Feb 2046
Assumption
Assumption + second
$6,174/mo
+$2,973/mo- Down payment
- $90,228
- Funds due
- $111,007
- Interest + MI left
- $839,755
- First ends
- Feb 2046
New loan
New conventional
$6,330/mo
+$3,129/mo- Down payment
- $90,228
- Funds due
- $106,262
- Interest + MI left
- $1,183,874
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $394,672 | $394,672 | $809,672 |
| Second mortgage | — | $415,000 | — |
| First P&I | $2,517.86 | $2,517.86 | $5,485.00 |
| Second P&I | — | $2,973.11 | — |
| Mortgage insurance | — | — | $161.93 |
| Taxes, insurance & HOA | $682.59 | $682.59 | $682.59 |
| Total housing payment | $3,200.45 | $6,173.56 | $6,329.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$90,228
Closing costs & prepaids$20,779
Usable credit−$0
Total buyer cash needed$111,007
Earnest money paid−$0
Remaining funds due$111,007
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%)$1,973.36
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)$317.76
Prepaid interest, first (7 days)$323.96
Prepaid interest, second (7 days)$616.82
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 2 moOf the original 30-year loan at 4.28%
Interest already paid$211,994Through Dec 2026
Assumption only · ends Feb 2046$184,435
Assumption + second · ends Feb 2046, second Jan 2057$839,755
New conventional · ends Jan 2057$1,183,874