Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,427/mo
Lowest payment- Down payment
- $965,337
- Funds due
- $987,040
- Interest + MI left
- $131,242
- First ends
- Sep 2046
Assumption
Assumption + second
$8,409/mo
+$5,982/mo- Down payment
- $130,337
- Funds due
- $153,645
- Interest + MI left
- $1,449,777
- First ends
- Sep 2046
New loan
New conventional
$8,788/mo
+$6,360/mo- Down payment
- $130,337
- Funds due
- $148,703
- Interest + MI left
- $1,766,290
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $329,663 | $329,663 | $1,164,663 |
| Second mortgage | — | $835,000 | — |
| First P&I | $1,936.58 | $1,936.58 | $8,063.89 |
| Second P&I | — | $5,982.04 | — |
| Mortgage insurance | — | — | $232.93 |
| Taxes, insurance & HOA | $490.83 | $490.83 | $490.83 |
| Total housing payment | $2,427.41 | $8,409.45 | $8,787.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$130,337
Closing costs & prepaids$23,308
Usable credit−$0
Total buyer cash needed$153,645
Earnest money paid−$0
Remaining funds due$153,645
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$12,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,648.32
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)$756.25
Initial HOA (3 months)$66.24
Prepaid interest, first (2 days)$64.67
Prepaid interest, second (2 days)$354.59
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 closing19 yr 10 moOf the original 30-year loan at 3.580%
Interest already paid$138,917Through Nov 2026
Assumption only · ends Sep 2046$131,242
Assumption + second · ends Sep 2046, second Dec 2056$1,449,777
New conventional · ends Dec 2056$1,766,290