Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,716/mo
Lowest payment- Down payment
- $699,109
- Funds due
- $716,057
- Interest + MI left
- $53,634
- First ends
- Feb 2043
Assumption
Assumption + second
$6,101/mo
+$4,384/mo- Down payment
- $87,109
- Funds due
- $106,477
- Interest + MI left
- $1,020,033
- First ends
- Feb 2043
New loan
New conventional
$6,017/mo
+$4,301/mo- Down payment
- $87,109
- Funds due
- $102,780
- Interest + MI left
- $1,143,254
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $169,891 | $169,891 | $781,891 |
| Second mortgage | — | $612,000 | — |
| First P&I | $1,152.19 | $1,152.19 | $5,296.80 |
| Second P&I | — | $4,384.44 | — |
| Mortgage insurance | — | — | $156.38 |
| Taxes, insurance & HOA | $564.25 | $564.25 | $564.25 |
| Total housing payment | $1,716.44 | $6,100.89 | $6,017.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$87,109
Closing costs & prepaids$19,368
Usable credit−$0
Total buyer cash needed$106,477
Earnest money paid−$0
Remaining funds due$106,477
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,690.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$849.46
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)$1,042.75
Prepaid interest, first (9 days)$148.71
Prepaid interest, second (9 days)$1,169.51
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 closing16 yr 2 moOf the original 30-year loan at 3.55%
Interest already paid$106,155Through Dec 2026
Assumption only · ends Feb 2043$53,634
Assumption + second · ends Feb 2043, second Jan 2057$1,020,033
New conventional · ends Jan 2057$1,143,254