Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,306/mo
Lowest payment- Down payment
- $905,575
- Funds due
- $923,799
- Interest + MI left
- $55,356
- First ends
- Nov 2046
Assumption
Assumption + second
$7,037/mo
+$5,731/mo- Down payment
- $105,575
- Funds due
- $125,218
- Interest + MI left
- $1,318,624
- First ends
- Nov 2046
New loan
New conventional
$7,201/mo
+$5,895/mo- Down payment
- $105,575
- Funds due
- $121,406
- Interest + MI left
- $1,432,284
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $144,425 | $144,425 | $944,425 |
| Second mortgage | — | $800,000 | — |
| First P&I | $832.42 | $832.42 | $6,539.01 |
| Second P&I | — | $5,731.30 | — |
| Mortgage insurance | — | — | $188.89 |
| Taxes, insurance & HOA | $473.42 | $473.42 | $473.42 |
| Total housing payment | $1,305.84 | $7,037.14 | $7,201.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$105,575
Closing costs & prepaids$19,644
Usable credit−$0
Total buyer cash needed$125,218
Earnest money paid−$0
Remaining funds due$125,218
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$10,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$722.13
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)$770.25
Prepaid interest, first (1 days)$13.57
Prepaid interest, second (1 days)$169.86
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 closing20 yrOf the original 30-year loan at 3.430%
Interest already paid$57,316Through Nov 2026
Assumption only · ends Nov 2046$55,356
Assumption + second · ends Nov 2046, second Dec 2056$1,318,624
New conventional · ends Dec 2056$1,432,284