Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,606/mo
Lowest payment- Down payment
- $561,270
- Funds due
- $576,499
- Interest + MI left
- $65,407
- First ends
- Jul 2044
Assumption
Assumption + second
$5,102/mo
+$3,496/mo- Down payment
- $73,270
- Funds due
- $89,853
- Interest + MI left
- $836,000
- First ends
- Jul 2044
New loan
New conventional
$5,168/mo
+$3,562/mo- Down payment
- $73,270
- Funds due
- $86,269
- Interest + MI left
- $988,262
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $163,730 | $163,730 | $651,730 |
| Second mortgage | — | $488,000 | — |
| First P&I | $1,080.84 | $1,080.84 | $4,512.45 |
| Second P&I | — | $3,496.09 | — |
| Mortgage insurance | — | — | $130.35 |
| Taxes, insurance & HOA | $524.92 | $524.92 | $524.92 |
| Total housing payment | $1,605.76 | $5,101.85 | $5,167.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$73,270
Closing costs & prepaids$16,583
Usable credit−$0
Total buyer cash needed$89,853
Earnest money paid−$0
Remaining funds due$89,853
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$818.65
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)$924.75
Prepaid interest, first (1 days)$18.08
Prepaid interest, second (1 days)$103.62
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 closing17 yr 8 moOf the original 27-year loan at 4.030%
Interest already paid$71,557Through Nov 2026
Assumption only · ends Jul 2044$65,407
Assumption + second · ends Jul 2044, second Dec 2056$836,000
New conventional · ends Dec 2056$988,262