Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,866/mo
Lowest payment- Down payment
- $431,271
- Funds due
- $443,183
- Interest + MI left
- $5,742
- First ends
- Dec 2031
Assumption
Assumption + second
$4,589/mo
+$2,722/mo- Down payment
- $51,271
- Funds due
- $64,514
- Interest + MI left
- $605,794
- First ends
- Dec 2031
New loan
New conventional
$3,749/mo
+$1,883/mo- Down payment
- $51,271
- Funds due
- $61,571
- Interest + MI left
- $695,693
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $78,729 | $78,729 | $458,729 |
| Second mortgage | — | $380,000 | — |
| First P&I | $1,384.78 | $1,384.78 | $3,176.15 |
| Second P&I | — | $2,722.37 | — |
| Mortgage insurance | — | — | $91.75 |
| Taxes, insurance & HOA | $481.42 | $481.42 | $481.42 |
| Total housing payment | $1,866.19 | $4,588.56 | $3,749.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,271
Closing costs & prepaids$13,243
Usable credit−$0
Total buyer cash needed$64,514
Earnest money paid−$0
Remaining funds due$64,514
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$393.64
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$737.25
Initial HOA (3 months)$207.00
Prepaid interest, first (1 days)$5.95
Prepaid interest, second (1 days)$80.68
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 closing5 yr 1 moOf the original 15-year loan at 2.760%
Interest already paid$39,603Through Nov 2026
Assumption only · ends Dec 2031$5,742
Assumption + second · ends Dec 2031, second Dec 2056$605,794
New conventional · ends Dec 2056$695,693