Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,785/mo
Lowest payment- Down payment
- $543,035
- Funds due
- $560,964
- Interest + MI left
- $131,698
- First ends
- Dec 2044
Assumption
Assumption + second
$6,066/mo
+$3,281/mo- Down payment
- $85,035
- Funds due
- $104,312
- Interest + MI left
- $854,918
- First ends
- Dec 2044
New loan
New conventional
$6,213/mo
+$3,428/mo- Down payment
- $85,035
- Funds due
- $99,906
- Interest + MI left
- $1,160,121
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $306,965 | $306,965 | $764,965 |
| Second mortgage | — | $458,000 | — |
| First P&I | $2,021.49 | $2,021.49 | $5,296.46 |
| Second P&I | — | $3,281.17 | — |
| Mortgage insurance | — | — | $152.99 |
| Taxes, insurance & HOA | $763.84 | $763.84 | $763.84 |
| Total housing payment | $2,785.33 | $6,066.49 | $6,213.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$85,035
Closing costs & prepaids$19,277
Usable credit−$0
Total buyer cash needed$104,312
Earnest money paid−$0
Remaining funds due$104,312
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,534.83
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)$1,186.50
Initial HOA (3 months)$455.01
Prepaid interest, first (1 days)$35.32
Prepaid interest, second (1 days)$97.25
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 1 moOf the original 30-year loan at 4.200%
Interest already paid$182,660Through Nov 2026
Assumption only · ends Dec 2044$131,698
Assumption + second · ends Dec 2044, second Dec 2056$854,918
New conventional · ends Dec 2056$1,160,121