Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,975/mo
Lowest payment- Down payment
- $442,828
- Funds due
- $455,896
- Interest + MI left
- $16,600
- First ends
- Mar 2036
Assumption
Assumption + second
$4,712/mo
+$2,737/mo- Down payment
- $60,828
- Funds due
- $75,876
- Interest + MI left
- $619,810
- First ends
- Mar 2036
New loan
New conventional
$4,170/mo
+$2,195/mo- Down payment
- $60,828
- Funds due
- $72,578
- Interest + MI left
- $788,359
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $157,172 | $157,172 | $539,172 |
| Second mortgage | — | $382,000 | — |
| First P&I | $1,565.51 | $1,565.51 | $3,652.54 |
| Second P&I | — | $2,736.69 | — |
| Mortgage insurance | — | — | $107.83 |
| Taxes, insurance & HOA | $409.59 | $409.59 | $409.59 |
| Total housing payment | $1,975.09 | $4,711.79 | $4,169.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,828
Closing costs & prepaids$15,047
Usable credit−$0
Total buyer cash needed$75,876
Earnest money paid−$0
Remaining funds due$75,876
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%)$785.86
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)$8.76
Prepaid interest, first (9 days)$84.87
Prepaid interest, second (9 days)$729.99
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 closing9 yr 3 moOf the original 15-year loan at 2.19%
Interest already paid$25,192Through Dec 2026
Assumption only · ends Mar 2036$16,600
Assumption + second · ends Mar 2036, second Jan 2057$619,810
New conventional · ends Jan 2057$788,359