Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,209/mo
Lowest payment- Down payment
- $628,038
- Funds due
- $646,366
- Interest + MI left
- $52,472
- First ends
- Dec 2046
Assumption
Assumption + second
$6,135/mo
+$3,926/mo- Down payment
- $80,038
- Funds due
- $100,431
- Interest + MI left
- $917,810
- First ends
- Dec 2046
New loan
New conventional
$6,281/mo
+$4,072/mo- Down payment
- $80,038
- Funds due
- $96,831
- Interest + MI left
- $1,045,393
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $166,962 | $166,962 | $714,962 |
| Second mortgage | — | $548,000 | — |
| First P&I | $914.31 | $914.31 | $4,843.40 |
| Second P&I | — | $3,925.94 | — |
| Mortgage insurance | — | — | $142.99 |
| Taxes, insurance & HOA | $1,294.67 | $1,294.67 | $1,294.67 |
| Total housing payment | $2,208.98 | $6,134.92 | $6,281.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$80,038
Closing costs & prepaids$20,393
Usable credit−$0
Total buyer cash needed$100,431
Earnest money paid−$0
Remaining funds due$100,431
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$834.81
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)$954.00
Initial HOA (3 months)$2,280.00
Prepaid interest, first (7 days)$91.58
Prepaid interest, second (7 days)$814.49
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 yrOf the original 25-year loan at 2.86%
Interest already paid$26,021Through Dec 2026
Assumption only · ends Dec 2046$52,472
Assumption + second · ends Dec 2046, second Jan 2057$917,810
New conventional · ends Jan 2057$1,045,393