Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,944/mo
Lowest payment- Down payment
- $533,959
- Funds due
- $550,255
- Interest + MI left
- $94,470
- First ends
- Aug 2046
Assumption
Assumption + second
$5,211/mo
+$3,267/mo- Down payment
- $77,959
- Funds due
- $96,376
- Interest + MI left
- $814,533
- First ends
- Aug 2046
New loan
New conventional
$5,376/mo
+$3,432/mo- Down payment
- $77,959
- Funds due
- $92,510
- Interest + MI left
- $1,014,803
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $238,041 | $238,041 | $694,041 |
| Second mortgage | — | $456,000 | — |
| First P&I | $1,408.95 | $1,408.95 | $4,701.68 |
| Second P&I | — | $3,266.84 | — |
| Mortgage insurance | — | — | $138.81 |
| Taxes, insurance & HOA | $535.50 | $535.50 | $535.50 |
| Total housing payment | $1,944.45 | $5,211.29 | $5,375.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$77,959
Closing costs & prepaids$18,417
Usable credit−$0
Total buyer cash needed$96,376
Earnest money paid−$0
Remaining funds due$96,376
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,720.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,190.21
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)$926.50
Initial HOA (3 months)$30.00
Prepaid interest, first (9 days)$211.30
Prepaid interest, second (9 days)$871.40
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 8 moOf the original 30-year loan at 3.6%
Interest already paid$102,850Through Dec 2026
Assumption only · ends Aug 2046$94,470
Assumption + second · ends Aug 2046, second Jan 2057$814,533
New conventional · ends Jan 2057$1,014,803