Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,838/mo
Lowest payment- Down payment
- $801,490
- Funds due
- $822,701
- Interest + MI left
- $175,965
- First ends
- Jun 2047
Assumption
Assumption + second
$7,752/mo
+$4,915/mo- Down payment
- $115,490
- Funds due
- $138,970
- Interest + MI left
- $1,259,217
- First ends
- Jun 2047
New loan
New conventional
$7,918/mo
+$5,080/mo- Down payment
- $115,490
- Funds due
- $134,152
- Interest + MI left
- $1,511,163
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $347,510 | $347,510 | $1,033,510 |
| Second mortgage | — | $686,000 | — |
| First P&I | $2,127.95 | $2,127.95 | $7,001.36 |
| Second P&I | — | $4,914.59 | — |
| Mortgage insurance | — | — | $206.70 |
| Taxes, insurance & HOA | $709.58 | $709.58 | $709.58 |
| Total housing payment | $2,837.53 | $7,752.12 | $7,917.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$115,490
Closing costs & prepaids$23,480
Usable credit−$0
Total buyer cash needed$138,970
Earnest money paid−$0
Remaining funds due$138,970
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$11,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,737.55
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)$1,378.75
Initial HOA (3 months)$99.99
Prepaid interest, first (7 days)$286.58
Prepaid interest, second (7 days)$1,019.60
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 6 moOf the original 30-year loan at 4.3%
Interest already paid$160,096Through Dec 2026
Assumption only · ends Jun 2047$175,965
Assumption + second · ends Jun 2047, second Jan 2057$1,259,217
New conventional · ends Jan 2057$1,511,163