Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,654/mo
Lowest payment- Down payment
- $490,280
- Funds due
- $504,750
- Interest + MI left
- $79,013
- First ends
- Oct 2046
Assumption
Assumption + second
$4,663/mo
+$3,009/mo- Down payment
- $70,280
- Funds due
- $86,624
- Interest + MI left
- $742,228
- First ends
- Oct 2046
New loan
New conventional
$4,825/mo
+$3,170/mo- Down payment
- $70,280
- Funds due
- $82,947
- Interest + MI left
- $916,368
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $206,720 | $206,720 | $626,720 |
| Second mortgage | — | $420,000 | — |
| First P&I | $1,200.56 | $1,200.56 | $4,245.62 |
| Second P&I | — | $3,008.93 | — |
| Mortgage insurance | — | — | $125.34 |
| Taxes, insurance & HOA | $453.83 | $453.83 | $453.83 |
| Total housing payment | $1,654.39 | $4,663.32 | $4,824.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$70,280
Closing costs & prepaids$16,344
Usable credit−$0
Total buyer cash needed$86,624
Earnest money paid−$0
Remaining funds due$86,624
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,970.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,033.60
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)$836.50
Initial HOA (3 months)$24.99
Prepaid interest, first (7 days)$136.78
Prepaid interest, second (7 days)$624.25
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 10 moOf the original 30-year loan at 3.45%
Interest already paid$84,160Through Dec 2026
Assumption only · ends Oct 2046$79,013
Assumption + second · ends Oct 2046, second Jan 2057$742,228
New conventional · ends Jan 2057$916,368