Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,007/mo
Lowest payment- Down payment
- $731,081
- Funds due
- $751,933
- Interest + MI left
- $169,493
- First ends
- Apr 2046
Assumption
Assumption + second
$7,456/mo
+$4,449/mo- Down payment
- $110,081
- Funds due
- $133,369
- Interest + MI left
- $1,150,104
- First ends
- Apr 2046
New loan
New conventional
$7,590/mo
+$4,583/mo- Down payment
- $110,081
- Funds due
- $128,567
- Interest + MI left
- $1,447,279
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $368,819 | $368,819 | $989,819 |
| Second mortgage | — | $621,000 | — |
| First P&I | $2,320.31 | $2,320.31 | $6,705.38 |
| Second P&I | — | $4,448.92 | — |
| Mortgage insurance | — | — | $197.96 |
| Taxes, insurance & HOA | $686.84 | $686.84 | $686.84 |
| Total housing payment | $3,007.15 | $7,456.07 | $7,590.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$110,081
Closing costs & prepaids$23,288
Usable credit−$0
Total buyer cash needed$133,369
Earnest money paid−$0
Remaining funds due$133,369
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$10,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,844.10
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
Initial HOA (3 months)$90.51
Prepaid interest, first (9 days)$380.14
Prepaid interest, second (9 days)$1,186.71
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 4 moOf the original 30-year loan at 4.18%
Interest already paid$190,200Through Dec 2026
Assumption only · ends Apr 2046$169,493
Assumption + second · ends Apr 2046, second Jan 2057$1,150,104
New conventional · ends Jan 2057$1,447,279