Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,823/mo
Lowest payment- Down payment
- $713,164
- Funds due
- $732,562
- Interest + MI left
- $34,507
- First ends
- Sep 2035
Assumption
Assumption + second
$8,215/mo
+$4,392/mo- Down payment
- $100,164
- Funds due
- $120,942
- Interest + MI left
- $1,002,486
- First ends
- Sep 2035
New loan
New conventional
$7,202/mo
+$3,379/mo- Down payment
- $100,164
- Funds due
- $116,495
- Interest + MI left
- $1,364,660
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $286,835 | $286,835 | $899,835 |
| Second mortgage | — | $613,000 | — |
| First P&I | $3,031.53 | $3,031.53 | $6,230.28 |
| Second P&I | — | $4,391.61 | — |
| Mortgage insurance | — | — | $179.97 |
| Taxes, insurance & HOA | $791.75 | $791.75 | $791.75 |
| Total housing payment | $3,823.28 | $8,214.89 | $7,201.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$100,164
Closing costs & prepaids$20,778
Usable credit−$0
Total buyer cash needed$120,942
Earnest money paid−$0
Remaining funds due$120,942
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,999.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,434.18
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)$1,485.25
Initial HOA (3 months)$240.00
Prepaid interest, first (1 days)$20.43
Prepaid interest, second (1 days)$130.16
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 closing8 yr 10 moOf the original 15-year loan at 2.600%
Interest already paid$59,716Through Nov 2026
Assumption only · ends Sep 2035$34,507
Assumption + second · ends Sep 2035, second Dec 2056$1,002,486
New conventional · ends Dec 2056$1,364,660