Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,410/mo
Lowest payment- Down payment
- $586,764
- Funds due
- $604,088
- Interest + MI left
- $74,679
- First ends
- Apr 2042
Assumption
Assumption + second
$5,999/mo
+$3,589/mo- Down payment
- $85,764
- Funds due
- $105,295
- Interest + MI left
- $865,800
- First ends
- Apr 2042
New loan
New conventional
$5,903/mo
+$3,494/mo- Down payment
- $85,764
- Funds due
- $101,254
- Interest + MI left
- $1,117,438
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $263,235 | $263,235 | $764,235 |
| Second mortgage | — | $501,000 | — |
| First P&I | $1,836.49 | $1,836.49 | $5,177.19 |
| Second P&I | — | $3,589.23 | — |
| Mortgage insurance | — | — | $152.85 |
| Taxes, insurance & HOA | $573.34 | $573.34 | $573.34 |
| Total housing payment | $2,409.82 | $5,999.05 | $5,903.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$85,764
Closing costs & prepaids$19,532
Usable credit−$0
Total buyer cash needed$105,295
Earnest money paid−$0
Remaining funds due$105,295
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%)$1,316.18
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)$1,020.00
Initial HOA (3 months)$50.01
Prepaid interest, first (9 days)$220.04
Prepaid interest, second (9 days)$957.39
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 closing15 yr 4 moOf the original 25-year loan at 3.39%
Interest already paid$105,068Through Dec 2026
Assumption only · ends Apr 2042$74,679
Assumption + second · ends Apr 2042, second Jan 2057$865,800
New conventional · ends Jan 2057$1,117,438