Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,738/mo
Lowest payment- Down payment
- $320,984
- Funds due
- $333,768
- Interest + MI left
- $59,406
- First ends
- Sep 2044
Assumption
Assumption + second
$3,666/mo
+$1,927/mo- Down payment
- $51,984
- Funds due
- $66,132
- Interest + MI left
- $484,180
- First ends
- Sep 2044
New loan
New conventional
$3,853/mo
+$2,114/mo- Down payment
- $51,984
- Funds due
- $62,640
- Interest + MI left
- $702,195
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $194,016 | $194,016 | $463,016 |
| Second mortgage | — | $269,000 | — |
| First P&I | $1,184.22 | $1,184.22 | $3,205.83 |
| Second P&I | — | $1,927.15 | — |
| Mortgage insurance | — | — | $92.60 |
| Taxes, insurance & HOA | $554.25 | $554.25 | $554.25 |
| Total housing payment | $1,738.47 | $3,665.62 | $3,852.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,984
Closing costs & prepaids$14,148
Usable credit−$0
Total buyer cash needed$66,132
Earnest money paid−$0
Remaining funds due$66,132
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$970.08
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)$832.75
Initial HOA (3 months)$330.00
Prepaid interest, first (2 days)$33.28
Prepaid interest, second (2 days)$114.23
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 closing17 yr 10 moOf the original 24-year loan at 3.130%
Interest already paid$42,048Through Nov 2026
Assumption only · ends Sep 2044$59,406
Assumption + second · ends Sep 2044, second Dec 2056$484,180
New conventional · ends Dec 2056$702,195