Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,803/mo
Lowest payment- Down payment
- $638,056
- Funds due
- $655,073
- Interest + MI left
- $75,728
- First ends
- Dec 2046
Assumption
Assumption + second
$5,772/mo
+$3,969/mo- Down payment
- $84,056
- Funds due
- $103,028
- Interest + MI left
- $950,540
- First ends
- Dec 2046
New loan
New conventional
$5,905/mo
+$4,101/mo- Down payment
- $84,056
- Funds due
- $99,229
- Interest + MI left
- $1,098,004
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $196,944 | $196,944 | $750,944 |
| Second mortgage | — | $554,000 | — |
| First P&I | $1,136.13 | $1,136.13 | $5,087.16 |
| Second P&I | — | $3,968.92 | — |
| Mortgage insurance | — | — | $150.19 |
| Taxes, insurance & HOA | $667.34 | $667.34 | $667.34 |
| Total housing payment | $1,803.47 | $5,772.39 | $5,904.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$84,056
Closing costs & prepaids$18,972
Usable credit−$0
Total buyer cash needed$103,028
Earnest money paid−$0
Remaining funds due$103,028
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$984.72
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)$1,002.00
Initial HOA (3 months)$350.01
Prepaid interest, first (6 days)$111.37
Prepaid interest, second (6 days)$705.78
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 3.44%
Interest already paid$78,371Through Dec 2026
Assumption only · ends Dec 2046$75,728
Assumption + second · ends Dec 2046, second Jan 2057$950,540
New conventional · ends Jan 2057$1,098,004