Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,606/mo
Lowest payment- Down payment
- $569,096
- Funds due
- $587,748
- Interest + MI left
- $163,775
- First ends
- Oct 2040
Assumption
Assumption + second
$7,044/mo
+$3,439/mo- Down payment
- $89,096
- Funds due
- $109,915
- Interest + MI left
- $921,736
- First ends
- Oct 2040
New loan
New conventional
$6,267/mo
+$2,661/mo- Down payment
- $89,096
- Funds due
- $105,388
- Interest + MI left
- $1,163,596
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $315,803 | $315,803 | $795,803 |
| Second mortgage | — | $480,000 | — |
| First P&I | $2,889.03 | $2,889.03 | $5,391.05 |
| Second P&I | — | $3,438.78 | — |
| Mortgage insurance | — | — | $159.16 |
| Taxes, insurance & HOA | $716.67 | $716.67 | $716.67 |
| Total housing payment | $3,605.69 | $7,044.47 | $6,266.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$89,096
Closing costs & prepaids$20,819
Usable credit−$0
Total buyer cash needed$109,915
Earnest money paid−$0
Remaining funds due$109,915
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,848.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,579.02
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)$1,062.00
Initial HOA (3 months)$438.00
Prepaid interest, first (9 days)$506.15
Prepaid interest, second (9 days)$917.26
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 closing13 yr 10 moOf the original 15-year loan at 6.5%
Interest already paid$24,600Through Dec 2026
Assumption only · ends Oct 2040$163,775
Assumption + second · ends Oct 2040, second Jan 2057$921,736
New conventional · ends Jan 2057$1,163,596