Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,040/mo
Lowest payment- Down payment
- $431,434
- Funds due
- $443,479
- Interest + MI left
- $13,311
- First ends
- Dec 2032
Assumption
Assumption + second
$4,741/mo
+$2,701/mo- Down payment
- $54,434
- Funds due
- $67,889
- Interest + MI left
- $608,625
- First ends
- Dec 2032
New loan
New conventional
$3,830/mo
+$1,790/mo- Down payment
- $54,434
- Funds due
- $64,773
- Interest + MI left
- $736,394
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $108,566 | $108,566 | $485,566 |
| Second mortgage | — | $377,000 | — |
| First P&I | $1,669.54 | $1,669.54 | $3,361.96 |
| Second P&I | — | $2,700.87 | — |
| Mortgage insurance | — | — | $97.11 |
| Taxes, insurance & HOA | $370.50 | $370.50 | $370.50 |
| Total housing payment | $2,040.04 | $4,740.92 | $3,829.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,434
Closing costs & prepaids$13,455
Usable credit−$0
Total buyer cash needed$67,889
Earnest money paid−$0
Remaining funds due$67,889
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$542.83
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)$566.50
Initial HOA (3 months)$45.00
Prepaid interest, first (2 days)$22.78
Prepaid interest, second (2 days)$160.10
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 closing6 yr 1 moOf the original 15-year loan at 3.830%
Interest already paid$58,877Through Nov 2026
Assumption only · ends Dec 2032$13,311
Assumption + second · ends Dec 2032, second Dec 2056$608,625
New conventional · ends Dec 2056$736,394