Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,012/mo
Lowest payment- Down payment
- $303,682
- Funds due
- $316,999
- Interest + MI left
- $83,574
- First ends
- Jul 2045
Assumption
Assumption + second
$3,811/mo
+$1,798/mo- Down payment
- $52,682
- Funds due
- $67,356
- Interest + MI left
- $479,925
- First ends
- Jul 2045
New loan
New conventional
$4,008/mo
+$1,996/mo- Down payment
- $52,682
- Funds due
- $63,734
- Interest + MI left
- $711,752
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $218,318 | $218,318 | $469,318 |
| Second mortgage | — | $251,000 | — |
| First P&I | $1,347.73 | $1,347.73 | $3,249.46 |
| Second P&I | — | $1,798.19 | — |
| Mortgage insurance | — | — | $93.86 |
| Taxes, insurance & HOA | $664.67 | $664.67 | $664.67 |
| Total housing payment | $2,012.40 | $3,810.60 | $4,007.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,682
Closing costs & prepaids$14,674
Usable credit−$0
Total buyer cash needed$67,356
Earnest money paid−$0
Remaining funds due$67,356
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,220.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,091.59
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)$309.00
Initial HOA (3 months)$1,185.00
Prepaid interest, first (2 days)$43.90
Prepaid interest, second (2 days)$106.59
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 closing18 yr 8 moOf the original 30-year loan at 3.670%
Interest already paid$107,722Through Nov 2026
Assumption only · ends Jul 2045$83,574
Assumption + second · ends Jul 2045, second Dec 2056$479,925
New conventional · ends Dec 2056$711,752