Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,289/mo
Lowest payment- Down payment
- $821,398
- Funds due
- $841,568
- Interest + MI left
- $106,517
- First ends
- Aug 2046
Assumption
Assumption + second
$7,382/mo
+$5,094/mo- Down payment
- $110,398
- Funds due
- $133,177
- Interest + MI left
- $1,229,246
- First ends
- Aug 2046
New loan
New conventional
$7,558/mo
+$5,270/mo- Down payment
- $110,398
- Funds due
- $128,791
- Interest + MI left
- $1,446,962
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $278,602 | $278,602 | $989,602 |
| Second mortgage | — | $711,000 | — |
| First P&I | $1,631.86 | $1,631.86 | $6,703.91 |
| Second P&I | — | $5,093.69 | — |
| Mortgage insurance | — | — | $197.92 |
| Taxes, insurance & HOA | $656.67 | $656.67 | $656.67 |
| Total housing payment | $2,288.53 | $7,382.22 | $7,558.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$110,398
Closing costs & prepaids$22,779
Usable credit−$0
Total buyer cash needed$133,177
Earnest money paid−$0
Remaining funds due$133,177
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$11,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,393.01
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)$1,320.00
Prepaid interest, first (9 days)$239.06
Prepaid interest, second (9 days)$1,358.69
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 closing19 yr 8 moOf the original 30-year loan at 3.48%
Interest already paid$116,640Through Dec 2026
Assumption only · ends Aug 2046$106,517
Assumption + second · ends Aug 2046, second Jan 2057$1,229,246
New conventional · ends Jan 2057$1,446,962