Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,464/mo
Lowest payment- Down payment
- $362,862
- Funds due
- $379,056
- Interest + MI left
- $113,051
- First ends
- Oct 2046
Assumption
Assumption + second
$4,549/mo
+$2,085/mo- Down payment
- $71,862
- Funds due
- $89,738
- Interest + MI left
- $572,564
- First ends
- Oct 2046
New loan
New conventional
$4,981/mo
+$2,517/mo- Down payment
- $71,862
- Funds due
- $85,489
- Interest + MI left
- $933,063
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $347,138 | $347,138 | $638,138 |
| Second mortgage | — | $291,000 | — |
| First P&I | $1,933.57 | $1,933.57 | $4,322.97 |
| Second P&I | — | $2,084.76 | — |
| Mortgage insurance | — | — | $127.63 |
| Taxes, insurance & HOA | $530.67 | $530.67 | $530.67 |
| Total housing payment | $2,464.23 | $4,548.99 | $4,981.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$71,862
Closing costs & prepaids$17,877
Usable credit−$0
Total buyer cash needed$89,738
Earnest money paid−$0
Remaining funds due$89,738
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,735.69
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)$852.00
Initial HOA (3 months)$90.00
Prepaid interest, first (7 days)$198.39
Prepaid interest, second (7 days)$432.51
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 26-year loan at 2.98%
Interest already paid$70,733Through Dec 2026
Assumption only · ends Oct 2046$113,051
Assumption + second · ends Oct 2046, second Jan 2057$572,564
New conventional · ends Jan 2057$933,063