Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,727/mo
Lowest payment- Down payment
- $964,556
- Funds due
- $984,413
- Interest + MI left
- $28,467
- First ends
- May 2042
Assumption
Assumption + second
$7,881/mo
+$6,154/mo- Down payment
- $105,556
- Funds due
- $127,028
- Interest + MI left
- $1,384,900
- First ends
- May 2042
New loan
New conventional
$7,843/mo
+$6,116/mo- Down payment
- $105,556
- Funds due
- $123,502
- Interest + MI left
- $1,432,313
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $85,444 | $85,444 | $944,444 |
| Second mortgage | — | $859,000 | — |
| First P&I | $612.42 | $612.42 | $6,539.14 |
| Second P&I | — | $6,153.98 | — |
| Mortgage insurance | — | — | $188.89 |
| Taxes, insurance & HOA | $1,114.67 | $1,114.67 | $1,114.67 |
| Total housing payment | $1,727.09 | $7,881.07 | $7,842.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$105,556
Closing costs & prepaids$21,472
Usable credit−$0
Total buyer cash needed$127,028
Earnest money paid−$0
Remaining funds due$127,028
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%)$427.22
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)$2,625.00
Initial HOA (3 months)$69.00
Prepaid interest, first (2 days)$18.21
Prepaid interest, second (2 days)$364.78
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 closing15 yr 6 moOf the original 30-year loan at 3.890%
Interest already paid$62,006Through Nov 2026
Assumption only · ends May 2042$28,467
Assumption + second · ends May 2042, second Dec 2056$1,384,900
New conventional · ends Dec 2056$1,432,313