Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,274/mo
Lowest payment- Down payment
- $571,948
- Funds due
- $586,793
- Interest + MI left
- $8,976
- First ends
- Nov 2030
Assumption
Assumption + second
$6,878/mo
+$3,604/mo- Down payment
- $68,948
- Funds due
- $85,256
- Interest + MI left
- $803,256
- First ends
- Nov 2030
New loan
New conventional
$5,191/mo
+$1,916/mo- Down payment
- $68,948
- Funds due
- $81,995
- Interest + MI left
- $926,428
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $107,952 | $107,952 | $610,952 |
| Second mortgage | — | $503,000 | — |
| First P&I | $2,436.01 | $2,436.01 | $4,230.11 |
| Second P&I | — | $3,603.55 | — |
| Mortgage insurance | — | — | $122.19 |
| Taxes, insurance & HOA | $838.25 | $838.25 | $838.25 |
| Total housing payment | $3,274.26 | $6,877.82 | $5,190.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$68,948
Closing costs & prepaids$16,309
Usable credit−$0
Total buyer cash needed$85,256
Earnest money paid−$0
Remaining funds due$85,256
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,799.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$539.76
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)$1,699.75
Initial HOA (3 months)$315.00
Prepaid interest, first (2 days)$23.48
Prepaid interest, second (2 days)$213.60
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 closing4 yrOf the original 15-year loan at 3.970%
Interest already paid$99,506Through Nov 2026
Assumption only · ends Nov 2030$8,976
Assumption + second · ends Nov 2030, second Dec 2056$803,256
New conventional · ends Dec 2056$926,428