Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,704/mo
Lowest payment- Down payment
- $492,820
- Funds due
- $511,481
- Interest + MI left
- $226,266
- First ends
- Mar 2052
Assumption
Assumption + second
$5,562/mo
+$2,858/mo- Down payment
- $93,820
- Funds due
- $113,816
- Interest + MI left
- $856,321
- First ends
- Mar 2052
New loan
New conventional
$6,478/mo
+$3,774/mo- Down payment
- $93,820
- Funds due
- $108,691
- Interest + MI left
- $1,268,123
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $437,180 | $437,180 | $836,180 |
| Second mortgage | — | $399,000 | — |
| First P&I | $2,182.39 | $2,182.39 | $5,789.54 |
| Second P&I | — | $2,858.48 | — |
| Mortgage insurance | — | — | $167.24 |
| Taxes, insurance & HOA | $521.58 | $521.58 | $521.58 |
| Total housing payment | $2,703.97 | $5,562.46 | $6,478.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$93,820
Closing costs & prepaids$19,996
Usable credit−$0
Total buyer cash needed$113,816
Earnest money paid−$0
Remaining funds due$113,816
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,185.90
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)$694.25
Initial HOA (3 months)$220.50
Prepaid interest, first (1 days)$42.52
Prepaid interest, second (1 days)$84.72
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 closing25 yr 4 moOf the original 30-year loan at 3.550%
Interest already paid$76,394Through Nov 2026
Assumption only · ends Mar 2052$226,266
Assumption + second · ends Mar 2052, second Dec 2056$856,321
New conventional · ends Dec 2056$1,268,123