Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,298/mo
Lowest payment- Down payment
- $518,697
- Funds due
- $531,912
- Interest + MI left
- $9,470
- First ends
- Mar 2032
Assumption
Assumption + second
$5,565/mo
+$3,267/mo- Down payment
- $62,697
- Funds due
- $78,033
- Interest + MI left
- $729,533
- First ends
- Mar 2032
New loan
New conventional
$4,382/mo
+$2,084/mo- Down payment
- $62,697
- Funds due
- $74,871
- Interest + MI left
- $822,180
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $106,303 | $106,303 | $562,303 |
| Second mortgage | — | $456,000 | — |
| First P&I | $1,837.67 | $1,837.67 | $3,809.24 |
| Second P&I | — | $3,266.84 | — |
| Mortgage insurance | — | — | $112.46 |
| Taxes, insurance & HOA | $460.00 | $460.00 | $460.00 |
| Total housing payment | $2,297.67 | $5,564.51 | $4,381.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,697
Closing costs & prepaids$15,336
Usable credit−$0
Total buyer cash needed$78,033
Earnest money paid−$0
Remaining funds due$78,033
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$531.51
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)$750.00
Initial HOA (3 months)$129.99
Prepaid interest, first (9 days)$85.19
Prepaid interest, second (9 days)$871.40
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 closing5 yr 3 moOf the original 15-year loan at 3.25%
Interest already paid$59,783Through Dec 2026
Assumption only · ends Mar 2032$9,470
Assumption + second · ends Mar 2032, second Jan 2057$729,533
New conventional · ends Jan 2057$822,180