Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,874/mo
Lowest payment- Down payment
- $288,539
- Funds due
- $301,282
- Interest + MI left
- $94,056
- First ends
- Aug 2045
Assumption
Assumption + second
$3,565/mo
+$1,691/mo- Down payment
- $52,539
- Funds due
- $66,833
- Interest + MI left
- $466,720
- First ends
- Aug 2045
New loan
New conventional
$3,693/mo
+$1,820/mo- Down payment
- $52,539
- Funds due
- $63,191
- Interest + MI left
- $690,816
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $236,461 | $236,461 | $472,461 |
| Second mortgage | — | $236,000 | — |
| First P&I | $1,475.52 | $1,475.52 | $3,200.62 |
| Second P&I | — | $1,690.73 | — |
| Mortgage insurance | — | — | $94.49 |
| Taxes, insurance & HOA | $398.34 | $398.34 | $398.34 |
| Total housing payment | $1,873.86 | $3,564.59 | $3,693.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,539
Closing costs & prepaids$14,294
Usable credit−$0
Total buyer cash needed$66,833
Earnest money paid−$0
Remaining funds due$66,833
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,182.31
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)$630.00
Initial HOA (3 months)$65.01
Prepaid interest, first (6 days)$147.71
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 8 moOf the original 30-year loan at 3.8%
Interest already paid$120,467Through Dec 2026
Assumption only · ends Aug 2045$94,056
Assumption + second · ends Aug 2045, second Jan 2057$466,720
New conventional · ends Jan 2057$690,816