Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,721/mo
Lowest payment- Down payment
- $583,014
- Funds due
- $601,718
- Interest + MI left
- $165,492
- First ends
- Oct 2040
Assumption
Assumption + second
$7,253/mo
+$3,532/mo- Down payment
- $90,014
- Funds due
- $110,072
- Interest + MI left
- $943,981
- First ends
- Oct 2040
New loan
New conventional
$6,602/mo
+$2,881/mo- Down payment
- $90,014
- Funds due
- $105,548
- Interest + MI left
- $1,228,382
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $316,975 | $316,975 | $809,975 |
| Second mortgage | — | $493,000 | — |
| First P&I | $2,889.03 | $2,889.03 | $5,608.10 |
| Second P&I | — | $3,531.91 | — |
| Mortgage insurance | — | — | $162.00 |
| Taxes, insurance & HOA | $831.67 | $831.67 | $831.67 |
| Total housing payment | $3,720.69 | $7,252.61 | $6,601.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$90,014
Closing costs & prepaids$20,059
Usable credit−$0
Total buyer cash needed$110,072
Earnest money paid−$0
Remaining funds due$110,072
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,999.89
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,584.88
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)$1,407.00
Initial HOA (3 months)$438.00
Prepaid interest, first (1 days)$56.45
Prepaid interest, second (1 days)$104.68
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 11 moOf the original 15-year loan at 6.500%
Interest already paid$22,883Through Nov 2026
Assumption only · ends Oct 2040$165,492
Assumption + second · ends Oct 2040, second Dec 2056$943,981
New conventional · ends Dec 2056$1,228,382