Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,457/mo
Lowest payment- Down payment
- $346,942
- Funds due
- $359,276
- Interest + MI left
- $56,361
- First ends
- Jun 2045
Assumption
Assumption + second
$3,563/mo
+$2,106/mo- Down payment
- $52,942
- Funds due
- $66,588
- Interest + MI left
- $520,612
- First ends
- Jun 2045
New loan
New conventional
$3,756/mo
+$2,298/mo- Down payment
- $52,942
- Funds due
- $63,167
- Interest + MI left
- $708,216
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $173,048 | $173,048 | $467,048 |
| Second mortgage | — | $294,000 | — |
| First P&I | $1,028.74 | $1,028.74 | $3,233.75 |
| Second P&I | — | $2,106.25 | — |
| Mortgage insurance | — | — | $93.41 |
| Taxes, insurance & HOA | $428.42 | $428.42 | $428.42 |
| Total housing payment | $1,457.16 | $3,563.41 | $3,755.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,942
Closing costs & prepaids$13,646
Usable credit−$0
Total buyer cash needed$66,588
Earnest money paid−$0
Remaining funds due$66,588
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,199.90
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$865.24
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)$467.25
Initial HOA (3 months)$318.00
Prepaid interest, first (1 days)$15.08
Prepaid interest, second (1 days)$62.42
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 closing18 yr 7 moOf the original 24-year loan at 3.180%
Interest already paid$32,865Through Nov 2026
Assumption only · ends Jun 2045$56,361
Assumption + second · ends Jun 2045, second Dec 2056$520,612
New conventional · ends Dec 2056$708,216