Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,129/mo
Lowest payment- Down payment
- $661,428
- Funds due
- $680,827
- Interest + MI left
- $37,687
- First ends
- Oct 2035
Assumption
Assumption + second
$8,155/mo
+$4,026/mo- Down payment
- $99,428
- Funds due
- $121,151
- Interest + MI left
- $925,132
- First ends
- Oct 2035
New loan
New conventional
$6,897/mo
+$2,768/mo- Down payment
- $99,428
- Funds due
- $116,789
- Interest + MI left
- $1,294,853
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $323,572 | $323,572 | $885,572 |
| Second mortgage | — | $562,000 | — |
| First P&I | $3,408.10 | $3,408.10 | $5,999.17 |
| Second P&I | — | $4,026.24 | — |
| Mortgage insurance | — | — | $177.11 |
| Taxes, insurance & HOA | $720.67 | $720.67 | $720.67 |
| Total housing payment | $4,128.77 | $8,155.00 | $6,896.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$99,428
Closing costs & prepaids$21,723
Usable credit−$0
Total buyer cash needed$121,151
Earnest money paid−$0
Remaining funds due$121,151
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,617.86
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)$1,182.00
Initial HOA (3 months)$330.00
Prepaid interest, first (9 days)$201.06
Prepaid interest, second (9 days)$1,073.96
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 closing8 yr 10 moOf the original 15-year loan at 2.52%
Interest already paid$65,371Through Dec 2026
Assumption only · ends Oct 2035$37,687
Assumption + second · ends Oct 2035, second Jan 2057$925,132
New conventional · ends Jan 2057$1,294,853