Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,163/mo
Lowest payment- Down payment
- $527,821
- Funds due
- $541,394
- Interest + MI left
- $11,279
- First ends
- Jul 2033
Assumption
Assumption + second
$5,472/mo
+$3,310/mo- Down payment
- $65,821
- Funds due
- $80,743
- Interest + MI left
- $740,816
- First ends
- Jul 2033
New loan
New conventional
$4,656/mo
+$2,494/mo- Down payment
- $65,821
- Funds due
- $77,442
- Interest + MI left
- $885,678
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $122,079 | $122,079 | $584,079 |
| Second mortgage | — | $462,000 | — |
| First P&I | $1,666.97 | $1,666.97 | $4,044.05 |
| Second P&I | — | $3,309.82 | — |
| Mortgage insurance | — | — | $116.82 |
| Taxes, insurance & HOA | $495.58 | $495.58 | $495.58 |
| Total housing payment | $2,162.55 | $5,472.37 | $4,656.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,821
Closing costs & prepaids$14,921
Usable credit−$0
Total buyer cash needed$80,743
Earnest money paid−$0
Remaining funds due$80,743
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$610.39
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)$973.75
Initial HOA (3 months)$12.99
Prepaid interest, first (1 days)$8.90
Prepaid interest, second (1 days)$98.10
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 closing6 yr 8 moOf the original 20-year loan at 2.660%
Interest already paid$78,794Through Nov 2026
Assumption only · ends Jul 2033$11,279
Assumption + second · ends Jul 2033, second Dec 2056$740,816
New conventional · ends Dec 2056$885,678