Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,629/mo
Lowest payment- Down payment
- $523,081
- Funds due
- $540,775
- Interest + MI left
- $54,166
- First ends
- May 2037
Assumption
Assumption + second
$6,767/mo
+$3,138/mo- Down payment
- $85,081
- Funds due
- $104,862
- Interest + MI left
- $745,804
- First ends
- May 2037
New loan
New conventional
$5,916/mo
+$2,287/mo- Down payment
- $85,081
- Funds due
- $100,612
- Interest + MI left
- $1,116,976
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $325,919 | $325,919 | $763,919 |
| Second mortgage | — | $438,000 | — |
| First P&I | $3,040.68 | $3,040.68 | $5,175.05 |
| Second P&I | — | $3,137.89 | — |
| Mortgage insurance | — | — | $152.78 |
| Taxes, insurance & HOA | $588.25 | $588.25 | $588.25 |
| Total housing payment | $3,628.93 | $6,766.81 | $5,916.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$85,081
Closing costs & prepaids$19,781
Usable credit−$0
Total buyer cash needed$104,862
Earnest money paid−$0
Remaining funds due$104,862
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,629.59
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)$1,018.75
Initial HOA (3 months)$96.00
Prepaid interest, first (9 days)$241.89
Prepaid interest, second (9 days)$837.00
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 5 moOf the original 15-year loan at 3.01%
Interest already paid$53,156Through Dec 2026
Assumption only · ends May 2037$54,166
Assumption + second · ends May 2037, second Jan 2057$745,804
New conventional · ends Jan 2057$1,116,976