Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,615/mo
Lowest payment- Down payment
- $600,211
- Funds due
- $617,991
- Interest + MI left
- $93,089
- First ends
- Jun 2042
Assumption
Assumption + second
$6,283/mo
+$3,668/mo- Down payment
- $88,211
- Funds due
- $107,893
- Interest + MI left
- $901,580
- First ends
- Jun 2042
New loan
New conventional
$6,124/mo
+$3,510/mo- Down payment
- $88,211
- Funds due
- $103,693
- Interest + MI left
- $1,150,416
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $274,789 | $274,789 | $786,789 |
| Second mortgage | — | $512,000 | — |
| First P&I | $1,977.84 | $1,977.84 | $5,329.98 |
| Second P&I | — | $3,668.03 | — |
| Mortgage insurance | — | — | $157.36 |
| Taxes, insurance & HOA | $636.67 | $636.67 | $636.67 |
| Total housing payment | $2,614.50 | $6,282.54 | $6,124.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$88,211
Closing costs & prepaids$19,683
Usable credit−$0
Total buyer cash needed$107,893
Earnest money paid−$0
Remaining funds due$107,893
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,373.95
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)$1,050.00
Initial HOA (3 months)$210.00
Prepaid interest, first (6 days)$178.42
Prepaid interest, second (6 days)$652.27
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 closing15 yr 6 moOf the original 30-year loan at 3.95%
Interest already paid$202,140Through Dec 2026
Assumption only · ends Jun 2042$93,089
Assumption + second · ends Jun 2042, second Jan 2057$901,580
New conventional · ends Jan 2057$1,150,416