Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,246/mo
Lowest payment- Down payment
- $470,768
- Funds due
- $487,054
- Interest + MI left
- $120,261
- First ends
- Mar 2046
Assumption
Assumption + second
$5,076/mo
+$2,830/mo- Down payment
- $75,768
- Funds due
- $94,059
- Interest + MI left
- $743,999
- First ends
- Mar 2046
New loan
New conventional
$5,219/mo
+$2,973/mo- Down payment
- $75,768
- Funds due
- $90,029
- Interest + MI left
- $985,839
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $279,232 | $279,232 | $674,232 |
| Second mortgage | — | $395,000 | — |
| First P&I | $1,729.41 | $1,729.41 | $4,567.48 |
| Second P&I | — | $2,829.83 | — |
| Mortgage insurance | — | — | $134.85 |
| Taxes, insurance & HOA | $516.67 | $516.67 | $516.67 |
| Total housing payment | $2,246.07 | $5,075.90 | $5,219.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$75,768
Closing costs & prepaids$18,292
Usable credit−$0
Total buyer cash needed$94,059
Earnest money paid−$0
Remaining funds due$94,059
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,396.16
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)$900.00
Prepaid interest, first (9 days)$272.65
Prepaid interest, second (9 days)$754.83
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 3 moOf the original 30-year loan at 3.96%
Interest already paid$138,326Through Dec 2026
Assumption only · ends Mar 2046$120,261
Assumption + second · ends Mar 2046, second Jan 2057$743,999
New conventional · ends Jan 2057$985,839