Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,211/mo
Lowest payment- Down payment
- $382,789
- Funds due
- $394,199
- Interest + MI left
- $10,562
- First ends
- Feb 2037
Assumption
Assumption + second
$3,618/mo
+$2,407/mo- Down payment
- $46,789
- Funds due
- $59,591
- Interest + MI left
- $541,134
- First ends
- Feb 2037
New loan
New conventional
$3,436/mo
+$2,225/mo- Down payment
- $46,789
- Funds due
- $56,685
- Interest + MI left
- $634,245
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $82,211 | $82,211 | $418,211 |
| Second mortgage | — | $336,000 | — |
| First P&I | $754.25 | $754.25 | $2,895.61 |
| Second P&I | — | $2,407.15 | — |
| Mortgage insurance | — | — | $83.64 |
| Taxes, insurance & HOA | $456.59 | $456.59 | $456.59 |
| Total housing payment | $1,210.84 | $3,617.98 | $3,435.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,789
Closing costs & prepaids$12,802
Usable credit−$0
Total buyer cash needed$59,591
Earnest money paid−$0
Remaining funds due$59,591
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$411.05
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$375.75
Initial HOA (3 months)$494.01
Prepaid interest, first (2 days)$10.77
Prepaid interest, second (2 days)$142.68
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 closing10 yr 3 moOf the original 15-year loan at 2.390%
Interest already paid$11,203Through Nov 2026
Assumption only · ends Feb 2037$10,562
Assumption + second · ends Feb 2037, second Dec 2056$541,134
New conventional · ends Dec 2056$634,245