Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,376/mo
Lowest payment- Down payment
- $620,784
- Funds due
- $638,459
- Interest + MI left
- $77,909
- First ends
- Dec 2042
Assumption
Assumption + second
$6,195/mo
+$3,818/mo- Down payment
- $87,784
- Funds due
- $107,388
- Interest + MI left
- $919,560
- First ends
- Dec 2042
New loan
New conventional
$6,137/mo
+$3,761/mo- Down payment
- $87,784
- Funds due
- $103,300
- Interest + MI left
- $1,151,040
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $254,216 | $254,216 | $787,216 |
| Second mortgage | — | $533,000 | — |
| First P&I | $1,729.81 | $1,729.81 | $5,332.88 |
| Second P&I | — | $3,818.48 | — |
| Mortgage insurance | — | — | $157.44 |
| Taxes, insurance & HOA | $646.67 | $646.67 | $646.67 |
| Total housing payment | $2,376.48 | $6,194.96 | $6,136.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$87,784
Closing costs & prepaids$19,604
Usable credit−$0
Total buyer cash needed$107,388
Earnest money paid−$0
Remaining funds due$107,388
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,271.08
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)$1,050.00
Initial HOA (3 months)$240.00
Prepaid interest, first (6 days)$145.84
Prepaid interest, second (6 days)$679.03
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 yrOf the original 30-year loan at 3.49%
Interest already paid$159,124Through Dec 2026
Assumption only · ends Dec 2042$77,909
Assumption + second · ends Dec 2042, second Jan 2057$919,560
New conventional · ends Jan 2057$1,151,040