Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,322/mo
Lowest payment- Down payment
- $591,126
- Funds due
- $609,696
- Interest + MI left
- $203,171
- First ends
- Apr 2052
Assumption
Assumption + second
$5,839/mo
+$3,518/mo- Down payment
- $100,126
- Funds due
- $120,050
- Interest + MI left
- $978,501
- First ends
- Apr 2052
New loan
New conventional
$6,706/mo
+$4,385/mo- Down payment
- $100,126
- Funds due
- $115,025
- Interest + MI left
- $1,357,137
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $403,874 | $403,874 | $894,874 |
| Second mortgage | — | $491,000 | — |
| First P&I | $1,990.31 | $1,990.31 | $6,195.93 |
| Second P&I | — | $3,517.58 | — |
| Mortgage insurance | — | — | $178.97 |
| Taxes, insurance & HOA | $331.42 | $331.42 | $331.42 |
| Total housing payment | $2,321.73 | $5,839.31 | $6,706.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$100,126
Closing costs & prepaids$19,924
Usable credit−$0
Total buyer cash needed$120,050
Earnest money paid−$0
Remaining funds due$120,050
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,019.37
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)$344.25
Prepaid interest, first (1 days)$38.17
Prepaid interest, second (1 days)$104.25
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 5 moOf the original 30-year loan at 3.450%
Interest already paid$67,341Through Nov 2026
Assumption only · ends Apr 2052$203,171
Assumption + second · ends Apr 2052, second Dec 2056$978,501
New conventional · ends Dec 2056$1,357,137