Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,259/mo
Lowest payment- Down payment
- $399,067
- Funds due
- $418,038
- Interest + MI left
- $178,940
- First ends
- Jul 2041
Assumption
Assumption + second
$6,551/mo
+$2,293/mo- Down payment
- $79,067
- Funds due
- $99,900
- Interest + MI left
- $684,247
- First ends
- Jul 2041
New loan
New conventional
$5,954/mo
+$1,696/mo- Down payment
- $79,067
- Funds due
- $95,243
- Interest + MI left
- $1,032,191
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $385,933 | $385,933 | $705,933 |
| Second mortgage | — | $320,000 | — |
| First P&I | $3,227.85 | $3,227.85 | $4,782.24 |
| Second P&I | — | $2,292.52 | — |
| Mortgage insurance | — | — | $141.19 |
| Taxes, insurance & HOA | $1,030.67 | $1,030.67 | $1,030.67 |
| Total housing payment | $4,258.51 | $6,551.03 | $5,954.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$79,067
Closing costs & prepaids$20,832
Usable credit−$0
Total buyer cash needed$99,900
Earnest money paid−$0
Remaining funds due$99,900
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,929.66
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)$942.00
Initial HOA (3 months)$1,500.00
Prepaid interest, first (9 days)$531.00
Prepaid interest, second (9 days)$611.51
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 closing14 yr 7 moOf the original 15-year loan at 5.58%
Interest already paid$9,072Through Dec 2026
Assumption only · ends Jul 2041$178,940
Assumption + second · ends Jul 2041, second Jan 2057$684,247
New conventional · ends Jan 2057$1,032,191