Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,725/mo
Lowest payment- Down payment
- $549,265
- Funds due
- $564,878
- Interest + MI left
- $95,186
- First ends
- Aug 2046
Assumption
Assumption + second
$5,092/mo
+$3,367/mo- Down payment
- $79,265
- Funds due
- $96,227
- Interest + MI left
- $837,356
- First ends
- Aug 2046
New loan
New conventional
$5,365/mo
+$3,640/mo- Down payment
- $79,265
- Funds due
- $92,218
- Interest + MI left
- $1,074,843
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $238,734 | $238,734 | $708,734 |
| Second mortgage | — | $470,000 | — |
| First P&I | $1,408.95 | $1,408.95 | $4,907.13 |
| Second P&I | — | $3,367.14 | — |
| Mortgage insurance | — | — | $141.75 |
| Taxes, insurance & HOA | $315.75 | $315.75 | $315.75 |
| Total housing payment | $1,724.70 | $5,091.83 | $5,364.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$79,265
Closing costs & prepaids$16,962
Usable credit−$0
Total buyer cash needed$96,227
Earnest money paid−$0
Remaining funds due$96,227
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,879.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,193.67
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)$267.25
Initial HOA (3 months)$30.00
Prepaid interest, first (1 days)$23.55
Prepaid interest, second (1 days)$99.79
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 9 moOf the original 30-year loan at 3.600%
Interest already paid$102,134Through Nov 2026
Assumption only · ends Aug 2046$95,186
Assumption + second · ends Aug 2046, second Dec 2056$837,356
New conventional · ends Dec 2056$1,074,843