Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,118/mo
Lowest payment- Down payment
- $304,362
- Funds due
- $318,147
- Interest + MI left
- $82,907
- First ends
- Jul 2045
Assumption
Assumption + second
$3,924/mo
+$1,805/mo- Down payment
- $52,362
- Funds due
- $67,878
- Interest + MI left
- $480,836
- First ends
- Jul 2045
New loan
New conventional
$4,046/mo
+$1,928/mo- Down payment
- $52,362
- Funds due
- $64,376
- Interest + MI left
- $686,688
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $217,638 | $217,638 | $469,638 |
| Second mortgage | — | $252,000 | — |
| First P&I | $1,347.73 | $1,347.73 | $3,181.49 |
| Second P&I | — | $1,805.36 | — |
| Mortgage insurance | — | — | $93.93 |
| Taxes, insurance & HOA | $770.50 | $770.50 | $770.50 |
| Total housing payment | $2,118.23 | $3,923.59 | $4,045.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,362
Closing costs & prepaids$15,516
Usable credit−$0
Total buyer cash needed$67,878
Earnest money paid−$0
Remaining funds due$67,878
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,220.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,088.19
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)$626.50
Initial HOA (3 months)$1,185.00
Prepaid interest, first (9 days)$196.95
Prepaid interest, second (9 days)$481.56
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 closing18 yr 7 moOf the original 30-year loan at 3.67%
Interest already paid$108,390Through Dec 2026
Assumption only · ends Jul 2045$82,907
Assumption + second · ends Jul 2045, second Jan 2057$480,836
New conventional · ends Jan 2057$686,688