Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,463/mo
Lowest payment- Down payment
- $421,896
- Funds due
- $438,633
- Interest + MI left
- $92,116
- First ends
- Jan 2046
Assumption
Assumption + second
$4,941/mo
+$2,479/mo- Down payment
- $75,896
- Funds due
- $94,324
- Interest + MI left
- $638,479
- First ends
- Jan 2046
New loan
New conventional
$5,329/mo
+$2,866/mo- Down payment
- $75,896
- Funds due
- $90,091
- Interest + MI left
- $985,652
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $328,104 | $328,104 | $674,104 |
| Second mortgage | — | $346,000 | — |
| First P&I | $1,835.02 | $1,835.02 | $4,566.62 |
| Second P&I | — | $2,478.79 | — |
| Mortgage insurance | — | — | $134.82 |
| Taxes, insurance & HOA | $627.67 | $627.67 | $627.67 |
| Total housing payment | $2,462.69 | $4,941.47 | $5,329.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$75,896
Closing costs & prepaids$18,428
Usable credit−$0
Total buyer cash needed$94,324
Earnest money paid−$0
Remaining funds due$94,324
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,640.52
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)$900.00
Initial HOA (3 months)$333.00
Prepaid interest, first (6 days)$145.62
Prepaid interest, second (6 days)$440.79
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 1 moOf the original 25-year loan at 2.7%
Interest already paid$58,391Through Dec 2026
Assumption only · ends Jan 2046$92,116
Assumption + second · ends Jan 2046, second Jan 2057$638,479
New conventional · ends Jan 2057$985,652