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
- $282,560
- Funds due
- $295,273
- Interest + MI left
- $102,085
- First ends
- Apr 2046
Assumption
Assumption + second
$3,540/mo
+$1,648/mo- Down payment
- $52,560
- Funds due
- $66,620
- Interest + MI left
- $465,274
- First ends
- Apr 2046
New loan
New conventional
$3,765/mo
+$1,873/mo- Down payment
- $52,560
- Funds due
- $62,905
- Interest + MI left
- $708,811
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $237,440 | $237,440 | $467,440 |
| Second mortgage | — | $230,000 | — |
| First P&I | $1,457.19 | $1,457.19 | $3,236.46 |
| Second P&I | — | $1,647.75 | — |
| Mortgage insurance | — | — | $93.49 |
| Taxes, insurance & HOA | $435.42 | $435.42 | $435.42 |
| Total housing payment | $1,892.60 | $3,540.35 | $3,765.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,560
Closing costs & prepaids$14,060
Usable credit−$0
Total buyer cash needed$66,620
Earnest money paid−$0
Remaining funds due$66,620
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,187.20
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)$686.25
Initial HOA (3 months)$120.00
Prepaid interest, first (2 days)$51.00
Prepaid interest, second (2 days)$97.67
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 30-year loan at 3.920%
Interest already paid$114,308Through Nov 2026
Assumption only · ends Apr 2046$102,085
Assumption + second · ends Apr 2046, second Dec 2056$465,274
New conventional · ends Dec 2056$708,811