Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,606/mo
Lowest payment- Down payment
- $655,223
- Funds due
- $675,480
- Interest + MI left
- $112,001
- First ends
- Mar 2041
Assumption
Assumption + second
$7,589/mo
+$3,983/mo- Down payment
- $99,223
- Funds due
- $120,966
- Interest + MI left
- $989,972
- First ends
- Mar 2041
New loan
New conventional
$7,348/mo
+$3,742/mo- Down payment
- $99,223
- Funds due
- $116,327
- Interest + MI left
- $1,343,340
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $329,777 | $329,777 | $885,777 |
| Second mortgage | — | $556,000 | — |
| First P&I | $2,568.48 | $2,568.48 | $6,132.94 |
| Second P&I | — | $3,983.25 | — |
| Mortgage insurance | — | — | $177.16 |
| Taxes, insurance & HOA | $1,037.50 | $1,037.50 | $1,037.50 |
| Total housing payment | $3,605.98 | $7,589.23 | $7,347.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$99,223
Closing costs & prepaids$21,743
Usable credit−$0
Total buyer cash needed$120,966
Earnest money paid−$0
Remaining funds due$120,966
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,648.88
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)$2,462.50
Prepaid interest, first (2 days)$77.34
Prepaid interest, second (2 days)$236.11
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 closing14 yr 4 moOf the original 25-year loan at 4.280%
Interest already paid$185,891Through Nov 2026
Assumption only · ends Mar 2041$112,001
Assumption + second · ends Mar 2041, second Dec 2056$989,972
New conventional · ends Dec 2056$1,343,340