Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,254/mo
Lowest payment- Down payment
- $517,152
- Funds due
- $530,176
- Interest + MI left
- $9,762
- First ends
- Mar 2032
Assumption
Assumption + second
$5,506/mo
+$3,253/mo- Down payment
- $63,152
- Funds due
- $77,619
- Interest + MI left
- $726,667
- First ends
- Mar 2032
New loan
New conventional
$4,419/mo
+$2,165/mo- Down payment
- $63,152
- Funds due
- $74,422
- Interest + MI left
- $851,968
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $107,848 | $107,848 | $561,848 |
| Second mortgage | — | $454,000 | — |
| First P&I | $1,837.67 | $1,837.67 | $3,890.12 |
| Second P&I | — | $3,252.51 | — |
| Mortgage insurance | — | — | $112.37 |
| Taxes, insurance & HOA | $416.08 | $416.08 | $416.08 |
| Total housing payment | $2,253.75 | $5,506.26 | $4,418.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,152
Closing costs & prepaids$14,467
Usable credit−$0
Total buyer cash needed$77,619
Earnest money paid−$0
Remaining funds due$77,619
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$539.24
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)$618.25
Initial HOA (3 months)$129.99
Prepaid interest, first (2 days)$19.21
Prepaid interest, second (2 days)$192.79
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 closing5 yr 4 moOf the original 15-year loan at 3.250%
Interest already paid$59,491Through Nov 2026
Assumption only · ends Mar 2032$9,762
Assumption + second · ends Mar 2032, second Dec 2056$726,667
New conventional · ends Dec 2056$851,968