Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,479/mo
Lowest payment- Down payment
- $421,274
- Funds due
- $438,019
- Interest + MI left
- $95,243
- First ends
- Jan 2046
Assumption
Assumption + second
$4,958/mo
+$2,479/mo- Down payment
- $75,274
- Funds due
- $93,710
- Interest + MI left
- $641,606
- First ends
- Jan 2046
New loan
New conventional
$5,333/mo
+$2,854/mo- Down payment
- $75,274
- Funds due
- $89,476
- Interest + MI left
- $986,561
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $328,726 | $328,726 | $674,726 |
| Second mortgage | — | $346,000 | — |
| First P&I | $1,851.39 | $1,851.39 | $4,570.83 |
| Second P&I | — | $2,478.79 | — |
| Mortgage insurance | — | — | $134.95 |
| Taxes, insurance & HOA | $627.67 | $627.67 | $627.67 |
| Total housing payment | $2,479.06 | $4,957.85 | $5,333.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$75,274
Closing costs & prepaids$18,436
Usable credit−$0
Total buyer cash needed$93,710
Earnest money paid−$0
Remaining funds due$93,710
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%)$1,643.63
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)$150.22
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 2.78%
Interest already paid$60,175Through Dec 2026
Assumption only · ends Jan 2046$95,243
Assumption + second · ends Jan 2046, second Jan 2057$641,606
New conventional · ends Jan 2057$986,561