Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,374/mo
Lowest payment- Down payment
- $575,387
- Funds due
- $596,608
- Interest + MI left
- $148,272
- First ends
- Jan 2038
Assumption
Assumption + second
$8,777/mo
+$3,403/mo- Down payment
- $100,387
- Funds due
- $123,362
- Interest + MI left
- $898,337
- First ends
- Jan 2038
New loan
New conventional
$7,341/mo
+$1,967/mo- Down payment
- $100,387
- Funds due
- $118,243
- Interest + MI left
- $1,315,383
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $424,613 | $424,613 | $899,613 |
| Second mortgage | — | $475,000 | — |
| First P&I | $4,307.41 | $4,307.41 | $6,094.29 |
| Second P&I | — | $3,402.96 | — |
| Mortgage insurance | — | — | $179.92 |
| Taxes, insurance & HOA | $1,066.67 | $1,066.67 | $1,066.67 |
| Total housing payment | $5,374.07 | $8,777.03 | $7,340.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$100,387
Closing costs & prepaids$22,975
Usable credit−$0
Total buyer cash needed$123,362
Earnest money paid−$0
Remaining funds due$123,362
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$10,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,123.07
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)$2,550.00
Prepaid interest, first (5 days)$329.80
Prepaid interest, second (5 days)$504.28
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 closing11 yr 1 moOf the original 15-year loan at 5.67%
Interest already paid$105,667Through Dec 2026
Assumption only · ends Jan 2038$148,272
Assumption + second · ends Jan 2038, second Jan 2057$898,337
New conventional · ends Jan 2057$1,315,383