Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,457/mo
Lowest payment- Down payment
- $898,733
- Funds due
- $916,947
- Interest + MI left
- $24,060
- First ends
- Dec 2039
Assumption
Assumption + second
$7,203/mo
+$5,746/mo- Down payment
- $96,733
- Funds due
- $116,368
- Interest + MI left
- $1,290,486
- First ends
- Dec 2039
New loan
New conventional
$7,065/mo
+$5,608/mo- Down payment
- $96,733
- Funds due
- $113,035
- Interest + MI left
- $1,312,994
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $63,767 | $63,767 | $865,767 |
| Second mortgage | — | $802,000 | — |
| First P&I | $559.41 | $559.41 | $5,994.40 |
| Second P&I | — | $5,745.63 | — |
| Mortgage insurance | — | — | $173.15 |
| Taxes, insurance & HOA | $897.83 | $897.83 | $897.83 |
| Total housing payment | $1,457.24 | $7,202.87 | $7,065.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$96,733
Closing costs & prepaids$19,635
Usable credit−$0
Total buyer cash needed$116,368
Earnest money paid−$0
Remaining funds due$116,368
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,625.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$318.83
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)$1,458.50
Initial HOA (3 months)$585.00
Prepaid interest, first (1 days)$9.01
Prepaid interest, second (1 days)$170.29
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing13 yr 1 moOf the original 15-year loan at 5.160%
Interest already paid$6,633Through Nov 2026
Assumption only · ends Dec 2039$24,060
Assumption + second · ends Dec 2039, second Dec 2056$1,290,486
New conventional · ends Dec 2056$1,312,994