Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,728/mo
Lowest payment- Down payment
- $715,574
- Funds due
- $734,836
- Interest + MI left
- $33,886
- First ends
- Sep 2035
Assumption
Assumption + second
$8,134/mo
+$4,406/mo- Down payment
- $100,574
- Funds due
- $122,262
- Interest + MI left
- $1,005,022
- First ends
- Sep 2035
New loan
New conventional
$6,970/mo
+$3,241/mo- Down payment
- $100,574
- Funds due
- $118,026
- Interest + MI left
- $1,315,108
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $284,425 | $284,425 | $899,425 |
| Second mortgage | — | $615,000 | — |
| First P&I | $3,031.53 | $3,031.53 | $6,093.02 |
| Second P&I | — | $4,405.94 | — |
| Mortgage insurance | — | — | $179.89 |
| Taxes, insurance & HOA | $696.67 | $696.67 | $696.67 |
| Total housing payment | $3,728.20 | $8,134.13 | $6,969.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$100,574
Closing costs & prepaids$21,688
Usable credit−$0
Total buyer cash needed$122,262
Earnest money paid−$0
Remaining funds due$122,262
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%)$1,422.13
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)$1,200.00
Initial HOA (3 months)$240.00
Prepaid interest, first (9 days)$182.34
Prepaid interest, second (9 days)$1,175.24
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 9 moOf the original 15-year loan at 2.6%
Interest already paid$60,338Through Dec 2026
Assumption only · ends Sep 2035$33,886
Assumption + second · ends Sep 2035, second Jan 2057$1,005,022
New conventional · ends Jan 2057$1,315,108