Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,536/mo
Lowest payment- Down payment
- $556,853
- Funds due
- $571,285
- Interest + MI left
- $6,434
- First ends
- Oct 2031
Assumption
Assumption + second
$6,053/mo
+$3,518/mo- Down payment
- $65,853
- Funds due
- $82,160
- Interest + MI left
- $781,764
- First ends
- Oct 2031
New loan
New conventional
$4,893/mo
+$2,357/mo- Down payment
- $65,853
- Funds due
- $79,015
- Interest + MI left
- $854,120
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $93,147 | $93,147 | $584,147 |
| Second mortgage | — | $491,000 | — |
| First P&I | $1,716.91 | $1,716.91 | $3,957.22 |
| Second P&I | — | $3,517.58 | — |
| Mortgage insurance | — | — | $116.83 |
| Taxes, insurance & HOA | $818.67 | $818.67 | $818.67 |
| Total housing payment | $2,535.58 | $6,053.16 | $4,892.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,853
Closing costs & prepaids$16,307
Usable credit−$0
Total buyer cash needed$82,160
Earnest money paid−$0
Remaining funds due$82,160
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$465.73
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)$780.00
Initial HOA (3 months)$1,176.00
Prepaid interest, first (6 days)$42.11
Prepaid interest, second (6 days)$625.52
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 closing4 yr 10 moOf the original 15-year loan at 2.75%
Interest already paid$49,610Through Dec 2026
Assumption only · ends Oct 2031$6,434
Assumption + second · ends Oct 2031, second Jan 2057$781,764
New conventional · ends Jan 2057$854,120