Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,743/mo
Lowest payment- Down payment
- $634,825
- Funds due
- $651,228
- Interest + MI left
- $57,438
- First ends
- Jun 2043
Assumption
Assumption + second
$5,704/mo
+$3,962/mo- Down payment
- $81,825
- Funds due
- $100,535
- Interest + MI left
- $930,672
- First ends
- Jun 2043
New loan
New conventional
$5,656/mo
+$3,913/mo- Down payment
- $81,825
- Funds due
- $96,858
- Interest + MI left
- $1,072,023
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $180,175 | $180,175 | $733,175 |
| Second mortgage | — | $553,000 | — |
| First P&I | $1,200.07 | $1,200.07 | $4,966.78 |
| Second P&I | — | $3,961.76 | — |
| Mortgage insurance | — | — | $146.64 |
| Taxes, insurance & HOA | $542.67 | $542.67 | $542.67 |
| Total housing payment | $1,742.73 | $5,704.49 | $5,656.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$81,825
Closing costs & prepaids$18,710
Usable credit−$0
Total buyer cash needed$100,535
Earnest money paid−$0
Remaining funds due$100,535
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$900.87
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)$978.00
Prepaid interest, first (9 days)$155.94
Prepaid interest, second (9 days)$1,056.76
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 closing16 yr 6 moOf the original 30-year loan at 3.51%
Interest already paid$107,669Through Dec 2026
Assumption only · ends Jun 2043$57,438
Assumption + second · ends Jun 2043, second Jan 2057$930,672
New conventional · ends Jan 2057$1,072,023