Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,176/mo
Lowest payment- Down payment
- $469,962
- Funds due
- $485,800
- Interest + MI left
- $121,185
- First ends
- Mar 2046
Assumption
Assumption + second
$4,999/mo
+$2,823/mo- Down payment
- $75,962
- Funds due
- $93,134
- Interest + MI left
- $743,344
- First ends
- Mar 2046
New loan
New conventional
$5,248/mo
+$3,072/mo- Down payment
- $75,962
- Funds due
- $88,954
- Interest + MI left
- $1,022,089
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $280,038 | $280,038 | $674,038 |
| Second mortgage | — | $394,000 | — |
| First P&I | $1,729.41 | $1,729.41 | $4,666.90 |
| Second P&I | — | $2,822.66 | — |
| Mortgage insurance | — | — | $134.81 |
| Taxes, insurance & HOA | $446.50 | $446.50 | $446.50 |
| Total housing payment | $2,175.91 | $4,998.57 | $5,248.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$75,962
Closing costs & prepaids$17,172
Usable credit−$0
Total buyer cash needed$93,134
Earnest money paid−$0
Remaining funds due$93,134
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%)$1,400.19
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)$689.50
Prepaid interest, first (1 days)$30.38
Prepaid interest, second (1 days)$83.66
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 closing19 yr 4 moOf the original 30-year loan at 3.960%
Interest already paid$137,402Through Nov 2026
Assumption only · ends Mar 2046$121,185
Assumption + second · ends Mar 2046, second Dec 2056$743,344
New conventional · ends Dec 2056$1,022,089