Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,962/mo
Lowest payment- Down payment
- $730,049
- Funds due
- $750,433
- Interest + MI left
- $170,781
- First ends
- Apr 2046
Assumption
Assumption + second
$7,404/mo
+$4,442/mo- Down payment
- $110,049
- Funds due
- $131,814
- Interest + MI left
- $1,149,813
- First ends
- Apr 2046
New loan
New conventional
$7,693/mo
+$4,731/mo- Down payment
- $110,049
- Funds due
- $126,848
- Interest + MI left
- $1,501,176
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $369,851 | $369,851 | $989,851 |
| Second mortgage | — | $620,000 | — |
| First P&I | $2,320.31 | $2,320.31 | $6,853.53 |
| Second P&I | — | $4,441.76 | — |
| Mortgage insurance | — | — | $197.97 |
| Taxes, insurance & HOA | $641.67 | $641.67 | $641.67 |
| Total housing payment | $2,961.98 | $7,403.73 | $7,693.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$110,049
Closing costs & prepaids$21,765
Usable credit−$0
Total buyer cash needed$131,814
Earnest money paid−$0
Remaining funds due$131,814
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$10,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,849.26
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)$1,195.50
Initial HOA (3 months)$79.50
Prepaid interest, first (1 days)$42.36
Prepaid interest, second (1 days)$131.64
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 5 moOf the original 30-year loan at 4.180%
Interest already paid$188,911Through Nov 2026
Assumption only · ends Apr 2046$170,781
Assumption + second · ends Apr 2046, second Dec 2056$1,149,813
New conventional · ends Dec 2056$1,501,176