Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,074/mo
Lowest payment- Down payment
- $832,262
- Funds due
- $848,953
- Interest + MI left
- $32,415
- First ends
- May 2044
Assumption
Assumption + second
$6,404/mo
+$5,330/mo- Down payment
- $88,262
- Funds due
- $106,361
- Interest + MI left
- $1,207,253
- First ends
- May 2044
New loan
New conventional
$6,330/mo
+$5,256/mo- Down payment
- $88,262
- Funds due
- $103,195
- Interest + MI left
- $1,199,207
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $46,738 | $46,738 | $790,738 |
| Second mortgage | — | $744,000 | — |
| First P&I | $376.92 | $376.92 | $5,474.91 |
| Second P&I | — | $5,330.11 | — |
| Mortgage insurance | — | — | $158.15 |
| Taxes, insurance & HOA | $696.92 | $696.92 | $696.92 |
| Total housing payment | $1,073.84 | $6,403.94 | $6,329.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$88,262
Closing costs & prepaids$18,099
Usable credit−$0
Total buyer cash needed$106,361
Earnest money paid−$0
Remaining funds due$106,361
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,790.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$233.69
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)$1,044.75
Initial HOA (3 months)$396.00
Prepaid interest, first (1 days)$8.50
Prepaid interest, second (1 days)$157.97
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 closing17 yr 6 moOf the original 20-year loan at 6.640%
Interest already paid$8,046Through Nov 2026
Assumption only · ends May 2044$32,415
Assumption + second · ends May 2044, second Dec 2056$1,207,253
New conventional · ends Dec 2056$1,199,207