Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,874/mo
Lowest payment- Down payment
- $731,048
- Funds due
- $749,786
- Interest + MI left
- $19,481
- First ends
- Sep 2035
Assumption
Assumption + second
$7,466/mo
+$4,592/mo- Down payment
- $90,048
- Funds due
- $110,308
- Interest + MI left
- $1,031,674
- First ends
- Sep 2035
New loan
New conventional
$6,869/mo
+$3,995/mo- Down payment
- $90,048
- Funds due
- $106,558
- Interest + MI left
- $1,226,830
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $167,952 | $167,952 | $808,952 |
| Second mortgage | — | $641,000 | — |
| First P&I | $1,768.24 | $1,768.24 | $5,601.02 |
| Second P&I | — | $4,592.20 | — |
| Mortgage insurance | — | — | $161.79 |
| Taxes, insurance & HOA | $1,105.83 | $1,105.83 | $1,105.83 |
| Total housing payment | $2,874.07 | $7,466.27 | $6,868.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$90,048
Closing costs & prepaids$20,261
Usable credit−$0
Total buyer cash needed$110,308
Earnest money paid−$0
Remaining funds due$110,308
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$839.76
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)$2,247.50
Initial HOA (3 months)$420.00
Prepaid interest, first (2 days)$23.10
Prepaid interest, second (2 days)$272.21
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 closing8 yr 10 moOf the original 15-year loan at 2.510%
Interest already paid$33,802Through Nov 2026
Assumption only · ends Sep 2035$19,481
Assumption + second · ends Sep 2035, second Dec 2056$1,031,674
New conventional · ends Dec 2056$1,226,830