Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,169/mo
Lowest payment- Down payment
- $820,577
- Funds due
- $840,181
- Interest + MI left
- $107,327
- First ends
- Aug 2046
Assumption
Assumption + second
$7,256/mo
+$5,087/mo- Down payment
- $110,577
- Funds due
- $131,581
- Interest + MI left
- $1,228,477
- First ends
- Aug 2046
New loan
New conventional
$7,586/mo
+$5,417/mo- Down payment
- $110,577
- Funds due
- $127,059
- Interest + MI left
- $1,500,527
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $279,423 | $279,423 | $989,423 |
| Second mortgage | — | $710,000 | — |
| First P&I | $1,631.86 | $1,631.86 | $6,850.56 |
| Second P&I | — | $5,086.53 | — |
| Mortgage insurance | — | — | $197.88 |
| Taxes, insurance & HOA | $537.42 | $537.42 | $537.42 |
| Total housing payment | $2,169.28 | $7,255.80 | $7,585.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$110,577
Closing costs & prepaids$21,005
Usable credit−$0
Total buyer cash needed$131,581
Earnest money paid−$0
Remaining funds due$131,581
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$11,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,397.12
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)$962.25
Prepaid interest, first (1 days)$26.64
Prepaid interest, second (1 days)$150.75
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 9 moOf the original 30-year loan at 3.480%
Interest already paid$115,830Through Nov 2026
Assumption only · ends Aug 2046$107,327
Assumption + second · ends Aug 2046, second Dec 2056$1,228,477
New conventional · ends Dec 2056$1,500,527