Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,942/mo
Lowest payment- Down payment
- $612,828
- Funds due
- $629,956
- Interest + MI left
- $91,098
- First ends
- Sep 2046
Assumption
Assumption + second
$5,717/mo
+$3,775/mo- Down payment
- $85,828
- Funds due
- $105,213
- Interest + MI left
- $923,275
- First ends
- Sep 2046
New loan
New conventional
$5,886/mo
+$3,944/mo- Down payment
- $85,828
- Funds due
- $101,268
- Interest + MI left
- $1,117,346
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $237,172 | $237,172 | $764,172 |
| Second mortgage | — | $527,000 | — |
| First P&I | $1,385.10 | $1,385.10 | $5,176.77 |
| Second P&I | — | $3,775.49 | — |
| Mortgage insurance | — | — | $152.83 |
| Taxes, insurance & HOA | $556.67 | $556.67 | $556.67 |
| Total housing payment | $1,941.77 | $5,717.26 | $5,886.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$85,828
Closing costs & prepaids$19,384
Usable credit−$0
Total buyer cash needed$105,213
Earnest money paid−$0
Remaining funds due$105,213
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,185.86
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)$1,020.00
Prepaid interest, first (9 days)$203.51
Prepaid interest, second (9 days)$1,007.08
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 9 moOf the original 30-year loan at 3.48%
Interest already paid$98,315Through Dec 2026
Assumption only · ends Sep 2046$91,098
Assumption + second · ends Sep 2046, second Jan 2057$923,275
New conventional · ends Jan 2057$1,117,346