Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,748/mo
Lowest payment- Down payment
- $434,058
- Funds due
- $451,557
- Interest + MI left
- $136,642
- First ends
- Oct 2046
Assumption
Assumption + second
$5,284/mo
+$2,536/mo- Down payment
- $80,058
- Funds due
- $99,258
- Interest + MI left
- $695,638
- First ends
- Oct 2046
New loan
New conventional
$5,644/mo
+$2,896/mo- Down payment
- $80,058
- Funds due
- $94,799
- Interest + MI left
- $1,045,363
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $360,942 | $360,942 | $714,942 |
| Second mortgage | — | $354,000 | — |
| First P&I | $2,090.69 | $2,090.69 | $4,843.27 |
| Second P&I | — | $2,536.10 | — |
| Mortgage insurance | — | — | $142.99 |
| Taxes, insurance & HOA | $657.67 | $657.67 | $657.67 |
| Total housing payment | $2,748.36 | $5,284.45 | $5,643.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$80,058
Closing costs & prepaids$19,200
Usable credit−$0
Total buyer cash needed$99,258
Earnest money paid−$0
Remaining funds due$99,258
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,804.71
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)$954.00
Initial HOA (3 months)$369.00
Prepaid interest, first (6 days)$202.92
Prepaid interest, second (6 days)$450.99
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 10 moOf the original 30-year loan at 3.42%
Interest already paid$145,756Through Dec 2026
Assumption only · ends Oct 2046$136,642
Assumption + second · ends Oct 2046, second Jan 2057$695,638
New conventional · ends Jan 2057$1,045,363