Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,908/mo
Lowest payment- Down payment
- $427,996
- Funds due
- $442,370
- Interest + MI left
- $82,071
- First ends
- Apr 2046
Assumption
Assumption + second
$4,522/mo
+$2,615/mo- Down payment
- $62,996
- Funds due
- $78,775
- Interest + MI left
- $658,437
- First ends
- Apr 2046
New loan
New conventional
$4,713/mo
+$2,806/mo- Down payment
- $62,996
- Funds due
- $75,148
- Interest + MI left
- $852,317
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $197,004 | $197,004 | $562,004 |
| Second mortgage | — | $365,000 | — |
| First P&I | $1,197.75 | $1,197.75 | $3,891.20 |
| Second P&I | — | $2,614.90 | — |
| Mortgage insurance | — | — | $112.40 |
| Taxes, insurance & HOA | $709.83 | $709.83 | $709.83 |
| Total housing payment | $1,907.58 | $4,522.48 | $4,713.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,996
Closing costs & prepaids$15,779
Usable credit−$0
Total buyer cash needed$78,775
Earnest money paid−$0
Remaining funds due$78,775
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$985.02
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)$462.50
Initial HOA (3 months)$1,167.00
Prepaid interest, first (2 days)$41.13
Prepaid interest, second (2 days)$155.00
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 5 moOf the original 30-year loan at 3.810%
Interest already paid$92,380Through Nov 2026
Assumption only · ends Apr 2046$82,071
Assumption + second · ends Apr 2046, second Dec 2056$658,437
New conventional · ends Dec 2056$852,317