Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,945/mo
Lowest payment- Down payment
- $681,997
- Funds due
- $699,045
- Interest + MI left
- $65,808
- First ends
- Sep 2042
Assumption
Assumption + second
$6,193/mo
+$4,248/mo- Down payment
- $88,997
- Funds due
- $107,421
- Interest + MI left
- $1,002,204
- First ends
- Sep 2042
New loan
New conventional
$6,191/mo
+$4,246/mo- Down payment
- $88,997
- Funds due
- $103,512
- Interest + MI left
- $1,199,451
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $198,003 | $198,003 | $791,003 |
| Second mortgage | — | $593,000 | — |
| First P&I | $1,388.48 | $1,388.48 | $5,476.74 |
| Second P&I | — | $4,248.32 | — |
| Mortgage insurance | — | — | $158.20 |
| Taxes, insurance & HOA | $556.50 | $556.50 | $556.50 |
| Total housing payment | $1,944.98 | $6,193.30 | $6,191.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$88,997
Closing costs & prepaids$18,424
Usable credit−$0
Total buyer cash needed$107,421
Earnest money paid−$0
Remaining funds due$107,421
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$990.02
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)$884.50
Initial HOA (3 months)$135.00
Prepaid interest, first (1 days)$20.61
Prepaid interest, second (1 days)$125.91
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 10 moOf the original 30-year loan at 3.800%
Interest already paid$136,061Through Nov 2026
Assumption only · ends Sep 2042$65,808
Assumption + second · ends Sep 2042, second Dec 2056$1,002,204
New conventional · ends Dec 2056$1,199,451