Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,177/mo
Lowest payment- Down payment
- $593,175
- Funds due
- $610,269
- Interest + MI left
- $69,125
- First ends
- Jun 2043
Assumption
Assumption + second
$5,830/mo
+$3,654/mo- Down payment
- $83,175
- Funds due
- $102,277
- Interest + MI left
- $874,458
- First ends
- Jun 2043
New loan
New conventional
$5,830/mo
+$3,654/mo- Down payment
- $83,175
- Funds due
- $98,360
- Interest + MI left
- $1,084,671
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $231,825 | $231,825 | $741,825 |
| Second mortgage | — | $510,000 | — |
| First P&I | $1,519.95 | $1,519.95 | $5,025.38 |
| Second P&I | — | $3,653.70 | — |
| Mortgage insurance | — | — | $148.37 |
| Taxes, insurance & HOA | $656.67 | $656.67 | $656.67 |
| Total housing payment | $2,176.62 | $5,830.32 | $5,830.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$83,175
Closing costs & prepaids$19,102
Usable credit−$0
Total buyer cash needed$102,277
Earnest money paid−$0
Remaining funds due$102,277
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,159.13
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)$990.00
Initial HOA (3 months)$330.00
Prepaid interest, first (7 days)$146.72
Prepaid interest, second (7 days)$758.01
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 closing16 yr 6 moOf the original 23-year loan at 3.3%
Interest already paid$56,684Through Dec 2026
Assumption only · ends Jun 2043$69,125
Assumption + second · ends Jun 2043, second Jan 2057$874,458
New conventional · ends Jan 2057$1,084,671