Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,893/mo
Lowest payment- Down payment
- $393,604
- Funds due
- $407,798
- Interest + MI left
- $134,135
- First ends
- Aug 2049
Assumption
Assumption + second
$4,243/mo
+$2,350/mo- Down payment
- $65,604
- Funds due
- $81,187
- Interest + MI left
- $652,074
- First ends
- Aug 2049
New loan
New conventional
$4,626/mo
+$2,733/mo- Down payment
- $65,604
- Funds due
- $77,248
- Interest + MI left
- $886,276
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $256,396 | $256,396 | $584,396 |
| Second mortgage | — | $328,000 | — |
| First P&I | $1,430.52 | $1,430.52 | $4,046.24 |
| Second P&I | — | $2,349.83 | — |
| Mortgage insurance | — | — | $116.88 |
| Taxes, insurance & HOA | $462.75 | $462.75 | $462.75 |
| Total housing payment | $1,893.27 | $4,243.10 | $4,625.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,604
Closing costs & prepaids$15,584
Usable credit−$0
Total buyer cash needed$81,187
Earnest money paid−$0
Remaining funds due$81,187
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,281.98
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)$833.50
Initial HOA (3 months)$54.75
Prepaid interest, first (2 days)$56.06
Prepaid interest, second (2 days)$139.29
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 closing22 yr 9 moOf the original 30-year loan at 3.990%
Interest already paid$80,851Through Nov 2026
Assumption only · ends Aug 2049$134,135
Assumption + second · ends Aug 2049, second Dec 2056$652,074
New conventional · ends Dec 2056$886,276