Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,358/mo
Lowest payment- Down payment
- $585,674
- Funds due
- $602,652
- Interest + MI left
- $75,425
- First ends
- Apr 2042
Assumption
Assumption + second
$5,940/mo
+$3,582/mo- Down payment
- $85,674
- Funds due
- $104,008
- Interest + MI left
- $864,967
- First ends
- Apr 2042
New loan
New conventional
$5,966/mo
+$3,608/mo- Down payment
- $85,674
- Funds due
- $99,811
- Interest + MI left
- $1,159,150
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $264,325 | $264,325 | $764,325 |
| Second mortgage | — | $500,000 | — |
| First P&I | $1,836.49 | $1,836.49 | $5,292.03 |
| Second P&I | — | $3,582.06 | — |
| Mortgage insurance | — | — | $152.87 |
| Taxes, insurance & HOA | $521.17 | $521.17 | $521.17 |
| Total housing payment | $2,357.66 | $5,939.72 | $5,966.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$85,674
Closing costs & prepaids$18,334
Usable credit−$0
Total buyer cash needed$104,008
Earnest money paid−$0
Remaining funds due$104,008
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,499.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,321.62
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)$863.50
Initial HOA (3 months)$50.01
Prepaid interest, first (1 days)$24.55
Prepaid interest, second (1 days)$106.16
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 closing15 yr 5 moOf the original 25-year loan at 3.390%
Interest already paid$104,321Through Nov 2026
Assumption only · ends Apr 2042$75,425
Assumption + second · ends Apr 2042, second Dec 2056$864,967
New conventional · ends Dec 2056$1,159,150