Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,156/mo
Lowest payment- Down payment
- $504,357
- Funds due
- $519,529
- Interest + MI left
- $63,758
- First ends
- Dec 2041
Assumption
Assumption + second
$5,272/mo
+$3,116/mo- Down payment
- $69,357
- Funds due
- $85,964
- Interest + MI left
- $750,659
- First ends
- Dec 2041
New loan
New conventional
$5,199/mo
+$3,043/mo- Down payment
- $69,357
- Funds due
- $82,324
- Interest + MI left
- $941,247
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $185,643 | $185,643 | $620,643 |
| Second mortgage | — | $435,000 | — |
| First P&I | $1,377.91 | $1,377.91 | $4,297.21 |
| Second P&I | — | $3,116.39 | — |
| Mortgage insurance | — | — | $124.13 |
| Taxes, insurance & HOA | $778.08 | $778.08 | $778.08 |
| Total housing payment | $2,155.99 | $5,272.38 | $5,199.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$69,357
Closing costs & prepaids$16,607
Usable credit−$0
Total buyer cash needed$85,964
Earnest money paid−$0
Remaining funds due$85,964
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$928.22
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)$1,546.25
Initial HOA (3 months)$288.00
Prepaid interest, first (2 days)$41.81
Prepaid interest, second (2 days)$184.73
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing15 yr 1 moOf the original 30-year loan at 4.110%
Interest already paid$147,467Through Nov 2026
Assumption only · ends Dec 2041$63,758
Assumption + second · ends Dec 2041, second Dec 2056$750,659
New conventional · ends Dec 2056$941,247