Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,337/mo
Lowest payment- Down payment
- $397,641
- Funds due
- $416,443
- Interest + MI left
- $180,742
- First ends
- Jul 2041
Assumption
Assumption + second
$6,623/mo
+$2,285/mo- Down payment
- $78,641
- Funds due
- $98,828
- Interest + MI left
- $684,469
- First ends
- Jul 2041
New loan
New conventional
$6,141/mo
+$1,804/mo- Down payment
- $78,641
- Funds due
- $94,095
- Interest + MI left
- $1,071,241
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $387,359 | $387,359 | $706,359 |
| Second mortgage | — | $319,000 | — |
| First P&I | $3,227.85 | $3,227.85 | $4,890.69 |
| Second P&I | — | $2,285.36 | — |
| Mortgage insurance | — | — | $141.27 |
| Taxes, insurance & HOA | $1,109.50 | $1,109.50 | $1,109.50 |
| Total housing payment | $4,337.35 | $6,622.70 | $6,141.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$78,641
Closing costs & prepaids$20,187
Usable credit−$0
Total buyer cash needed$98,828
Earnest money paid−$0
Remaining funds due$98,828
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,936.80
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)$1,178.50
Initial HOA (3 months)$1,500.00
Prepaid interest, first (2 days)$118.44
Prepaid interest, second (2 days)$135.47
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 closing14 yr 8 moOf the original 15-year loan at 5.580%
Interest already paid$7,271Through Nov 2026
Assumption only · ends Jul 2041$180,742
Assumption + second · ends Jul 2041, second Dec 2056$684,469
New conventional · ends Dec 2056$1,071,241