Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,459/mo
Lowest payment- Down payment
- $613,729
- Funds due
- $627,042
- Interest + MI left
- $14,057
- First ends
- Aug 2033
Assumption
Assumption + second
$5,356/mo
+$3,897/mo- Down payment
- $69,729
- Funds due
- $84,407
- Interest + MI left
- $873,078
- First ends
- Aug 2033
New loan
New conventional
$4,768/mo
+$3,309/mo- Down payment
- $69,729
- Funds due
- $81,290
- Interest + MI left
- $939,042
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $75,271 | $75,271 | $619,271 |
| Second mortgage | — | $544,000 | — |
| First P&I | $1,102.81 | $1,102.81 | $4,287.71 |
| Second P&I | — | $3,897.28 | — |
| Mortgage insurance | — | — | $123.85 |
| Taxes, insurance & HOA | $356.00 | $356.00 | $356.00 |
| Total housing payment | $1,458.81 | $5,356.10 | $4,767.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$69,729
Closing costs & prepaids$14,679
Usable credit−$0
Total buyer cash needed$84,407
Earnest money paid−$0
Remaining funds due$84,407
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,890.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$376.36
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$568.00
Prepaid interest, first (1 days)$10.66
Prepaid interest, second (1 days)$115.51
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 closing6 yr 9 moOf the original 30-year loan at 5.170%
Interest already paid$181,441Through Nov 2026
Assumption only · ends Aug 2033$14,057
Assumption + second · ends Aug 2033, second Dec 2056$873,078
New conventional · ends Dec 2056$939,042