Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,946/mo
Lowest payment- Down payment
- $556,939
- Funds due
- $575,072
- Interest + MI left
- $49,018
- First ends
- May 2036
Assumption
Assumption + second
$7,299/mo
+$3,353/mo- Down payment
- $88,939
- Funds due
- $109,018
- Interest + MI left
- $788,030
- First ends
- May 2036
New loan
New conventional
$6,171/mo
+$2,224/mo- Down payment
- $88,939
- Funds due
- $104,675
- Interest + MI left
- $1,156,662
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $323,061 | $323,061 | $791,061 |
| Second mortgage | — | $468,000 | — |
| First P&I | $3,292.74 | $3,292.74 | $5,358.92 |
| Second P&I | — | $3,352.81 | — |
| Mortgage insurance | — | — | $158.21 |
| Taxes, insurance & HOA | $653.67 | $653.67 | $653.67 |
| Total housing payment | $3,946.40 | $7,299.21 | $6,170.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$88,939
Closing costs & prepaids$20,079
Usable credit−$0
Total buyer cash needed$109,018
Earnest money paid−$0
Remaining funds due$109,018
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,615.31
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)$1,056.00
Initial HOA (3 months)$255.00
Prepaid interest, first (7 days)$188.97
Prepaid interest, second (7 days)$695.59
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 closing9 yr 5 moOf the original 15-year loan at 3.05%
Interest already paid$68,524Through Dec 2026
Assumption only · ends May 2036$49,018
Assumption + second · ends May 2036, second Jan 2057$788,030
New conventional · ends Jan 2057$1,156,662