Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,152/mo
Lowest payment- Down payment
- $302,325
- Funds due
- $316,385
- Interest + MI left
- $24,957
- First ends
- Feb 2036
Assumption
Assumption + second
$4,936/mo
+$1,784/mo- Down payment
- $53,325
- Funds due
- $68,688
- Interest + MI left
- $418,149
- First ends
- Feb 2036
New loan
New conventional
$4,273/mo
+$1,122/mo- Down payment
- $53,325
- Funds due
- $65,007
- Interest + MI left
- $721,393
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $226,675 | $226,675 | $475,675 |
| Second mortgage | — | $249,000 | — |
| First P&I | $2,266.95 | $2,266.95 | $3,293.48 |
| Second P&I | — | $1,783.87 | — |
| Mortgage insurance | — | — | $95.13 |
| Taxes, insurance & HOA | $884.75 | $884.75 | $884.75 |
| Total housing payment | $3,151.71 | $4,935.57 | $4,273.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,325
Closing costs & prepaids$15,363
Usable credit−$0
Total buyer cash needed$68,688
Earnest money paid−$0
Remaining funds due$68,688
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,290.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,133.37
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)$655.25
Initial HOA (3 months)$1,499.01
Prepaid interest, first (1 days)$14.16
Prepaid interest, second (1 days)$52.87
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 closing9 yr 3 moOf the original 15-year loan at 2.280%
Interest already paid$37,777Through Nov 2026
Assumption only · ends Feb 2036$24,957
Assumption + second · ends Feb 2036, second Dec 2056$418,149
New conventional · ends Dec 2056$721,393