Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,478/mo
Lowest payment- Down payment
- $844,691
- Funds due
- $864,620
- Interest + MI left
- $90,809
- First ends
- Jan 2043
Assumption
Assumption + second
$7,700/mo
+$5,223/mo- Down payment
- $115,691
- Funds due
- $137,025
- Interest + MI left
- $1,241,962
- First ends
- Jan 2043
New loan
New conventional
$7,804/mo
+$5,326/mo- Down payment
- $115,691
- Funds due
- $132,326
- Interest + MI left
- $1,568,599
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $305,309 | $305,309 | $1,034,309 |
| Second mortgage | — | $729,000 | — |
| First P&I | $2,041.85 | $2,041.85 | $7,161.35 |
| Second P&I | — | $5,222.65 | — |
| Mortgage insurance | — | — | $206.86 |
| Taxes, insurance & HOA | $435.67 | $435.67 | $435.67 |
| Total housing payment | $2,477.52 | $7,700.16 | $7,803.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$115,691
Closing costs & prepaids$21,334
Usable credit−$0
Total buyer cash needed$137,025
Earnest money paid−$0
Remaining funds due$137,025
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$11,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,526.55
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)$582.00
Initial HOA (3 months)$75.00
Prepaid interest, first (1 days)$28.11
Prepaid interest, second (1 days)$154.79
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 closing16 yr 2 moOf the original 30-year loan at 3.360%
Interest already paid$181,531Through Nov 2026
Assumption only · ends Jan 2043$90,809
Assumption + second · ends Jan 2043, second Dec 2056$1,241,962
New conventional · ends Dec 2056$1,568,599