Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,862/mo
Lowest payment- Down payment
- $518,042
- Funds due
- $537,223
- Interest + MI left
- $228,783
- First ends
- Jun 2052
Assumption
Assumption + second
$5,929/mo
+$3,066/mo- Down payment
- $90,042
- Funds due
- $110,655
- Interest + MI left
- $904,631
- First ends
- Jun 2052
New loan
New conventional
$6,643/mo
+$3,781/mo- Down payment
- $90,042
- Funds due
- $105,864
- Interest + MI left
- $1,228,354
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $381,957 | $381,957 | $809,957 |
| Second mortgage | — | $428,000 | — |
| First P&I | $1,989.38 | $1,989.38 | $5,607.98 |
| Second P&I | — | $3,066.24 | — |
| Mortgage insurance | — | — | $161.99 |
| Taxes, insurance & HOA | $873.08 | $873.08 | $873.08 |
| Total housing payment | $2,862.46 | $5,928.71 | $6,643.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$90,042
Closing costs & prepaids$20,612
Usable credit−$0
Total buyer cash needed$110,655
Earnest money paid−$0
Remaining funds due$110,655
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,999.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,909.78
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)$1,819.25
Initial HOA (3 months)$150.00
Prepaid interest, first (2 days)$83.72
Prepaid interest, second (2 days)$181.75
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 7 moOf the original 30-year loan at 4.000%
Interest already paid$70,696Through Nov 2026
Assumption only · ends Jun 2052$228,783
Assumption + second · ends Jun 2052, second Dec 2056$904,631
New conventional · ends Dec 2056$1,228,354