Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,296/mo
Lowest payment- Down payment
- $268,086
- Funds due
- $285,179
- Interest + MI left
- $268,029
- First ends
- Oct 2048
Assumption
Assumption + second
$4,727/mo
+$1,431/mo- Down payment
- $73,086
- Funds due
- $91,728
- Interest + MI left
- $588,131
- First ends
- Oct 2048
New loan
New conventional
$5,076/mo
+$1,780/mo- Down payment
- $73,086
- Funds due
- $86,865
- Interest + MI left
- $953,206
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $456,914 | $456,914 | $651,914 |
| Second mortgage | — | $195,000 | — |
| First P&I | $2,766.96 | $2,766.96 | $4,416.29 |
| Second P&I | — | $1,430.84 | — |
| Mortgage insurance | — | — | $130.38 |
| Taxes, insurance & HOA | $529.17 | $529.17 | $529.17 |
| Total housing payment | $3,296.12 | $4,726.96 | $5,075.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$73,086
Closing costs & prepaids$18,642
Usable credit−$0
Total buyer cash needed$91,728
Earnest money paid−$0
Remaining funds due$91,728
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,284.57
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)$870.00
Initial HOA (3 months)$67.50
Prepaid interest, first (7 days)$403.09
Prepaid interest, second (7 days)$299.18
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 closing21 yr 10 moOf the original 30-year loan at 4.6%
Interest already paid$188,334Through Dec 2026
Assumption only · ends Oct 2048$268,029
Assumption + second · ends Oct 2048, second Jan 2057$588,131
New conventional · ends Jan 2057$953,206