Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,743/mo
Lowest payment- Down payment
- $486,656
- Funds due
- $504,692
- Interest + MI left
- $137,916
- First ends
- Dec 2046
Assumption
Assumption + second
$5,580/mo
+$2,837/mo- Down payment
- $90,656
- Funds due
- $110,026
- Interest + MI left
- $763,233
- First ends
- Dec 2046
New loan
New conventional
$6,221/mo
+$3,478/mo- Down payment
- $90,656
- Funds due
- $105,056
- Interest + MI left
- $1,227,273
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $413,244 | $413,244 | $809,244 |
| Second mortgage | — | $396,000 | — |
| First P&I | $2,286.97 | $2,286.97 | $5,603.04 |
| Second P&I | — | $2,836.99 | — |
| Mortgage insurance | — | — | $161.85 |
| Taxes, insurance & HOA | $456.25 | $456.25 | $456.25 |
| Total housing payment | $2,743.22 | $5,580.21 | $6,221.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$90,656
Closing costs & prepaids$19,370
Usable credit−$0
Total buyer cash needed$110,026
Earnest money paid−$0
Remaining funds due$110,026
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,066.22
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)$612.75
Initial HOA (3 months)$105.99
Prepaid interest, first (1 days)$34.08
Prepaid interest, second (1 days)$84.08
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing20 yr 1 moOf the original 25-year loan at 3.010%
Interest already paid$66,436Through Nov 2026
Assumption only · ends Dec 2046$137,916
Assumption + second · ends Dec 2046, second Dec 2056$763,233
New conventional · ends Dec 2056$1,227,273