Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,469/mo
Lowest payment- Down payment
- $905,994
- Funds due
- $924,814
- Interest + MI left
- $54,943
- First ends
- Nov 2046
Assumption
Assumption + second
$7,200/mo
+$5,731/mo- Down payment
- $105,994
- Funds due
- $127,593
- Interest + MI left
- $1,318,211
- First ends
- Nov 2046
New loan
New conventional
$7,220/mo
+$5,751/mo- Down payment
- $105,994
- Funds due
- $123,790
- Interest + MI left
- $1,380,293
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $144,006 | $144,006 | $944,006 |
| Second mortgage | — | $800,000 | — |
| First P&I | $832.42 | $832.42 | $6,395.03 |
| Second P&I | — | $5,731.30 | — |
| Mortgage insurance | — | — | $188.80 |
| Taxes, insurance & HOA | $636.67 | $636.67 | $636.67 |
| Total housing payment | $1,469.09 | $7,200.39 | $7,220.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$105,994
Closing costs & prepaids$21,599
Usable credit−$0
Total buyer cash needed$127,593
Earnest money paid−$0
Remaining funds due$127,593
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$10,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$720.03
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)$1,260.00
Prepaid interest, first (9 days)$121.79
Prepaid interest, second (9 days)$1,528.77
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 closing19 yr 11 moOf the original 30-year loan at 3.43%
Interest already paid$57,729Through Dec 2026
Assumption only · ends Nov 2046$54,943
Assumption + second · ends Nov 2046, second Jan 2057$1,318,211
New conventional · ends Jan 2057$1,380,293