Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,867/mo
Lowest payment- Down payment
- $284,654
- Funds due
- $297,838
- Interest + MI left
- $50,859
- First ends
- Nov 2045
Assumption
Assumption + second
$3,558/mo
+$1,691/mo- Down payment
- $48,654
- Funds due
- $63,388
- Interest + MI left
- $423,522
- First ends
- Nov 2045
New loan
New conventional
$3,804/mo
+$1,937/mo- Down payment
- $48,654
- Funds due
- $59,989
- Interest + MI left
- $638,010
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $200,346 | $200,346 | $436,346 |
| Second mortgage | — | $236,000 | — |
| First P&I | $1,106.63 | $1,106.63 | $2,955.96 |
| Second P&I | — | $1,690.73 | — |
| Mortgage insurance | — | — | $87.27 |
| Taxes, insurance & HOA | $760.67 | $760.67 | $760.67 |
| Total housing payment | $1,867.29 | $3,558.03 | $3,803.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,654
Closing costs & prepaids$14,734
Usable credit−$0
Total buyer cash needed$63,388
Earnest money paid−$0
Remaining funds due$63,388
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,001.73
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)$582.00
Initial HOA (3 months)$1,200.00
Prepaid interest, first (6 days)$81.68
Prepaid interest, second (6 days)$300.66
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 closing18 yr 11 moOf the original 25-year loan at 2.48%
Interest already paid$33,899Through Dec 2026
Assumption only · ends Nov 2045$50,859
Assumption + second · ends Nov 2045, second Jan 2057$423,522
New conventional · ends Jan 2057$638,010