Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,005/mo
Lowest payment- Down payment
- $673,605
- Funds due
- $692,617
- Interest + MI left
- $38,372
- First ends
- Oct 2035
Assumption
Assumption + second
$8,110/mo
+$4,105/mo- Down payment
- $100,605
- Funds due
- $120,989
- Interest + MI left
- $943,187
- First ends
- Oct 2035
New loan
New conventional
$7,003/mo
+$2,998/mo- Down payment
- $100,605
- Funds due
- $116,346
- Interest + MI left
- $1,363,841
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $326,295 | $326,295 | $899,295 |
| Second mortgage | — | $573,000 | — |
| First P&I | $3,408.10 | $3,408.10 | $6,226.54 |
| Second P&I | — | $4,105.04 | — |
| Mortgage insurance | — | — | $179.86 |
| Taxes, insurance & HOA | $597.00 | $597.00 | $597.00 |
| Total housing payment | $4,005.10 | $8,110.14 | $7,003.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$100,605
Closing costs & prepaids$20,384
Usable credit−$0
Total buyer cash needed$120,989
Earnest money paid−$0
Remaining funds due$120,989
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,631.47
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)$811.00
Initial HOA (3 months)$330.00
Prepaid interest, first (1 days)$22.53
Prepaid interest, second (1 days)$121.66
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 closing8 yr 11 moOf the original 15-year loan at 2.520%
Interest already paid$64,686Through Nov 2026
Assumption only · ends Oct 2035$38,372
Assumption + second · ends Oct 2035, second Dec 2056$943,187
New conventional · ends Dec 2056$1,363,841