Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,140/mo
Lowest payment- Down payment
- $341,766
- Funds due
- $356,368
- Interest + MI left
- $66,169
- First ends
- Apr 2046
Assumption
Assumption + second
$4,132/mo
+$1,992/mo- Down payment
- $63,766
- Funds due
- $79,736
- Interest + MI left
- $505,154
- First ends
- Apr 2046
New loan
New conventional
$4,653/mo
+$2,512/mo- Down payment
- $63,766
- Funds due
- $75,691
- Interest + MI left
- $858,467
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $288,134 | $288,134 | $566,134 |
| Second mortgage | — | $278,000 | — |
| First P&I | $1,520.61 | $1,520.61 | $3,919.80 |
| Second P&I | — | $1,991.63 | — |
| Mortgage insurance | — | — | $113.23 |
| Taxes, insurance & HOA | $619.83 | $619.83 | $619.83 |
| Total housing payment | $2,140.44 | $4,132.07 | $4,652.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,766
Closing costs & prepaids$15,970
Usable credit−$0
Total buyer cash needed$79,736
Earnest money paid−$0
Remaining funds due$79,736
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,299.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,440.67
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)$921.50
Initial HOA (3 months)$438.00
Prepaid interest, first (2 days)$34.73
Prepaid interest, second (2 days)$118.05
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 25-year loan at 2.200%
Interest already paid$39,368Through Nov 2026
Assumption only · ends Apr 2046$66,169
Assumption + second · ends Apr 2046, second Dec 2056$505,154
New conventional · ends Dec 2056$858,467