Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,091/mo
Lowest payment- Down payment
- $830,662
- Funds due
- $847,769
- Interest + MI left
- $11,818
- First ends
- Jul 2045
Assumption
Assumption + second
$6,393/mo
+$5,301/mo- Down payment
- $90,662
- Funds due
- $109,333
- Interest + MI left
- $1,180,340
- First ends
- Jul 2045
New loan
New conventional
$6,492/mo
+$5,401/mo- Down payment
- $90,662
- Funds due
- $106,048
- Interest + MI left
- $1,225,899
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $68,338 | $68,338 | $808,338 |
| Second mortgage | — | $740,000 | — |
| First P&I | $357.84 | $357.84 | $5,596.77 |
| Second P&I | — | $5,301.45 | — |
| Mortgage insurance | — | — | $161.67 |
| Taxes, insurance & HOA | $733.42 | $733.42 | $733.42 |
| Total housing payment | $1,091.25 | $6,392.70 | $6,491.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$90,662
Closing costs & prepaids$18,671
Usable credit−$0
Total buyer cash needed$109,333
Earnest money paid−$0
Remaining funds due$109,333
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$341.69
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)$1,106.25
Initial HOA (3 months)$444.00
Prepaid interest, first (2 days)$6.55
Prepaid interest, second (2 days)$314.25
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 closing18 yr 8 moOf the original 30-year loan at 1.750%
Interest already paid$16,837Through Nov 2026
Assumption only · ends Jul 2045$11,818
Assumption + second · ends Jul 2045, second Dec 2056$1,180,340
New conventional · ends Dec 2056$1,225,899