Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,527/mo
Lowest payment- Down payment
- $535,800
- Funds due
- $550,021
- Interest + MI left
- $64,857
- First ends
- Jul 2044
Assumption
Assumption + second
$4,858/mo
+$3,331/mo- Down payment
- $70,800
- Funds due
- $86,864
- Interest + MI left
- $799,132
- First ends
- Jul 2044
New loan
New conventional
$4,828/mo
+$3,300/mo- Down payment
- $70,800
- Funds due
- $83,337
- Interest + MI left
- $918,532
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $163,200 | $163,200 | $628,200 |
| Second mortgage | — | $465,000 | — |
| First P&I | $1,080.84 | $1,080.84 | $4,255.65 |
| Second P&I | — | $3,331.32 | — |
| Mortgage insurance | — | — | $125.64 |
| Taxes, insurance & HOA | $446.25 | $446.25 | $446.25 |
| Total housing payment | $1,527.09 | $4,858.41 | $4,827.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$70,800
Closing costs & prepaids$16,063
Usable credit−$0
Total buyer cash needed$86,864
Earnest money paid−$0
Remaining funds due$86,864
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$816.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$838.75
Prepaid interest, first (6 days)$108.11
Prepaid interest, second (6 days)$592.40
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 closing17 yr 7 moOf the original 27-year loan at 4.03%
Interest already paid$72,107Through Dec 2026
Assumption only · ends Jul 2044$64,857
Assumption + second · ends Jul 2044, second Jan 2057$799,132
New conventional · ends Jan 2057$918,532