Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,980/mo
Lowest payment- Down payment
- $691,747
- Funds due
- $709,209
- Interest + MI left
- $66,883
- First ends
- Apr 2043
Assumption
Assumption + second
$6,286/mo
+$4,306/mo- Down payment
- $90,747
- Funds due
- $110,224
- Interest + MI left
- $1,015,912
- First ends
- Apr 2043
New loan
New conventional
$6,221/mo
+$4,240/mo- Down payment
- $90,747
- Funds due
- $106,300
- Interest + MI left
- $1,183,254
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $208,248 | $208,248 | $809,248 |
| Second mortgage | — | $601,000 | — |
| First P&I | $1,403.73 | $1,403.73 | $5,482.13 |
| Second P&I | — | $4,305.64 | — |
| Mortgage insurance | — | — | $161.85 |
| Taxes, insurance & HOA | $576.67 | $576.67 | $576.67 |
| Total housing payment | $1,980.39 | $6,286.03 | $6,220.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$90,747
Closing costs & prepaids$19,477
Usable credit−$0
Total buyer cash needed$110,224
Earnest money paid−$0
Remaining funds due$110,224
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,999.95
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,041.24
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)$1,080.00
Prepaid interest, first (6 days)$122.21
Prepaid interest, second (6 days)$765.66
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 closing16 yr 4 moOf the original 30-year loan at 3.57%
Interest already paid$128,559Through Dec 2026
Assumption only · ends Apr 2043$66,883
Assumption + second · ends Apr 2043, second Jan 2057$1,015,912
New conventional · ends Jan 2057$1,183,254