Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,467/mo
Lowest payment- Down payment
- $782,267
- Funds due
- $799,594
- Interest + MI left
- $40,970
- First ends
- Aug 2044
Assumption
Assumption + second
$6,439/mo
+$4,972/mo- Down payment
- $88,267
- Funds due
- $107,139
- Interest + MI left
- $1,136,854
- First ends
- Aug 2044
New loan
New conventional
$6,456/mo
+$4,989/mo- Down payment
- $88,267
- Funds due
- $103,728
- Interest + MI left
- $1,200,715
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $97,732 | $97,732 | $791,732 |
| Second mortgage | — | $694,000 | — |
| First P&I | $651.18 | $651.18 | $5,481.79 |
| Second P&I | — | $4,971.90 | — |
| Mortgage insurance | — | — | $158.35 |
| Taxes, insurance & HOA | $815.83 | $815.83 | $815.83 |
| Total housing payment | $1,467.01 | $6,438.91 | $6,455.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$88,267
Closing costs & prepaids$18,871
Usable credit−$0
Total buyer cash needed$107,139
Earnest money paid−$0
Remaining funds due$107,139
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,799.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$488.66
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)$1,005.50
Initial HOA (3 months)$792.00
Prepaid interest, first (2 days)$22.44
Prepaid interest, second (2 days)$294.71
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 9 moOf the original 30-year loan at 4.190%
Interest already paid$60,135Through Nov 2026
Assumption only · ends Aug 2044$40,970
Assumption + second · ends Aug 2044, second Dec 2056$1,136,854
New conventional · ends Dec 2056$1,200,715