Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,664/mo
Lowest payment- Down payment
- $634,154
- Funds due
- $650,187
- Interest + MI left
- $57,967
- First ends
- Jun 2043
Assumption
Assumption + second
$5,619/mo
+$3,955/mo- Down payment
- $82,154
- Funds due
- $99,554
- Interest + MI left
- $929,622
- First ends
- Jun 2043
New loan
New conventional
$5,685/mo
+$4,021/mo- Down payment
- $82,154
- Funds due
- $95,799
- Interest + MI left
- $1,111,410
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $180,846 | $180,846 | $732,846 |
| Second mortgage | — | $552,000 | — |
| First P&I | $1,200.07 | $1,200.07 | $5,074.08 |
| Second P&I | — | $3,954.60 | — |
| Mortgage insurance | — | — | $146.57 |
| Taxes, insurance & HOA | $464.42 | $464.42 | $464.42 |
| Total housing payment | $1,664.48 | $5,619.08 | $5,685.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$82,154
Closing costs & prepaids$17,400
Usable credit−$0
Total buyer cash needed$99,554
Earnest money paid−$0
Remaining funds due$99,554
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$904.23
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)$743.25
Prepaid interest, first (1 days)$17.39
Prepaid interest, second (1 days)$117.21
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 7 moOf the original 30-year loan at 3.510%
Interest already paid$107,140Through Nov 2026
Assumption only · ends Jun 2043$57,967
Assumption + second · ends Jun 2043, second Dec 2056$929,622
New conventional · ends Dec 2056$1,111,410