Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,617/mo
Lowest payment- Down payment
- $765,097
- Funds due
- $785,527
- Interest + MI left
- $157,262
- First ends
- Nov 2047
Assumption
Assumption + second
$7,310/mo
+$4,693/mo- Down payment
- $110,097
- Funds due
- $132,611
- Interest + MI left
- $1,191,562
- First ends
- Nov 2047
New loan
New conventional
$7,561/mo
+$4,943/mo- Down payment
- $110,097
- Funds due
- $127,909
- Interest + MI left
- $1,447,402
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $334,903 | $334,903 | $989,903 |
| Second mortgage | — | $655,000 | — |
| First P&I | $1,960.82 | $1,960.82 | $6,705.95 |
| Second P&I | — | $4,692.50 | — |
| Mortgage insurance | — | — | $197.98 |
| Taxes, insurance & HOA | $656.67 | $656.67 | $656.67 |
| Total housing payment | $2,617.48 | $7,309.98 | $7,560.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$110,097
Closing costs & prepaids$22,514
Usable credit−$0
Total buyer cash needed$132,611
Earnest money paid−$0
Remaining funds due$132,611
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%)$1,674.51
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 (6 days)$216.91
Prepaid interest, second (6 days)$834.45
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 yr 11 moOf the original 30-year loan at 3.94%
Interest already paid$134,925Through Dec 2026
Assumption only · ends Nov 2047$157,262
Assumption + second · ends Nov 2047, second Jan 2057$1,191,562
New conventional · ends Jan 2057$1,447,402