Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,860/mo
Lowest payment- Down payment
- $495,116
- Funds due
- $507,941
- Interest + MI left
- $19,280
- First ends
- Feb 2034
Assumption
Assumption + second
$4,977/mo
+$3,116/mo- Down payment
- $60,116
- Funds due
- $74,745
- Interest + MI left
- $706,181
- First ends
- Feb 2034
New loan
New conventional
$4,182/mo
+$2,322/mo- Down payment
- $60,116
- Funds due
- $71,577
- Interest + MI left
- $789,400
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $104,884 | $104,884 | $539,884 |
| Second mortgage | — | $435,000 | — |
| First P&I | $1,443.77 | $1,443.77 | $3,657.36 |
| Second P&I | — | $3,116.39 | — |
| Mortgage insurance | — | — | $107.98 |
| Taxes, insurance & HOA | $416.67 | $416.67 | $416.67 |
| Total housing payment | $1,860.43 | $4,976.83 | $4,182.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,116
Closing costs & prepaids$14,629
Usable credit−$0
Total buyer cash needed$74,745
Earnest money paid−$0
Remaining funds due$74,745
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$524.42
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)$720.00
Initial HOA (3 months)$30.00
Prepaid interest, first (6 days)$82.76
Prepaid interest, second (6 days)$554.18
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 closing7 yr 2 moOf the original 15-year loan at 4.8%
Interest already paid$55,598Through Dec 2026
Assumption only · ends Feb 2034$19,280
Assumption + second · ends Feb 2034, second Jan 2057$706,181
New conventional · ends Jan 2057$789,400