Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,069/mo
Lowest payment- Down payment
- $812,380
- Funds due
- $828,924
- Interest + MI left
- $32,156
- First ends
- May 2044
Assumption
Assumption + second
$6,270/mo
+$5,201/mo- Down payment
- $86,380
- Funds due
- $105,562
- Interest + MI left
- $1,178,571
- First ends
- May 2044
New loan
New conventional
$6,081/mo
+$5,012/mo- Down payment
- $86,380
- Funds due
- $102,326
- Interest + MI left
- $1,129,698
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $46,620 | $46,620 | $772,620 |
| Second mortgage | — | $726,000 | — |
| First P&I | $376.92 | $376.92 | $5,234.00 |
| Second P&I | — | $5,201.15 | — |
| Mortgage insurance | — | — | $154.52 |
| Taxes, insurance & HOA | $692.25 | $692.25 | $692.25 |
| Total housing payment | $1,069.17 | $6,270.32 | $6,080.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$86,380
Closing costs & prepaids$19,182
Usable credit−$0
Total buyer cash needed$105,562
Earnest money paid−$0
Remaining funds due$105,562
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,590.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$233.10
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)$1,030.75
Initial HOA (3 months)$396.00
Prepaid interest, first (9 days)$76.33
Prepaid interest, second (9 days)$1,387.36
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 5 moOf the original 20-year loan at 6.64%
Interest already paid$8,304Through Dec 2026
Assumption only · ends May 2044$32,156
Assumption + second · ends May 2044, second Jan 2057$1,178,571
New conventional · ends Jan 2057$1,129,698