Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,272/mo
Lowest payment- Down payment
- $383,380
- Funds due
- $395,006
- Interest + MI left
- $10,398
- First ends
- Feb 2037
Assumption
Assumption + second
$3,679/mo
+$2,407/mo- Down payment
- $47,380
- Funds due
- $60,898
- Interest + MI left
- $540,970
- First ends
- Feb 2037
New loan
New conventional
$3,430/mo
+$2,158/mo- Down payment
- $47,380
- Funds due
- $58,023
- Interest + MI left
- $610,546
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $81,620 | $81,620 | $417,620 |
| Second mortgage | — | $336,000 | — |
| First P&I | $754.25 | $754.25 | $2,829.10 |
| Second P&I | — | $2,407.15 | — |
| Mortgage insurance | — | — | $83.52 |
| Taxes, insurance & HOA | $517.34 | $517.34 | $517.34 |
| Total housing payment | $1,271.59 | $3,678.73 | $3,429.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,380
Closing costs & prepaids$13,518
Usable credit−$0
Total buyer cash needed$60,898
Earnest money paid−$0
Remaining funds due$60,898
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$408.10
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)$558.00
Initial HOA (3 months)$494.01
Prepaid interest, first (9 days)$48.10
Prepaid interest, second (9 days)$642.08
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 closing10 yr 2 moOf the original 15-year loan at 2.39%
Interest already paid$11,367Through Dec 2026
Assumption only · ends Feb 2037$10,398
Assumption + second · ends Feb 2037, second Jan 2057$540,970
New conventional · ends Jan 2057$610,546