Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,837/mo
Lowest payment- Down payment
- $578,821
- Funds due
- $599,029
- Interest + MI left
- $160,781
- First ends
- Apr 2052
Assumption
Assumption + second
$6,305/mo
+$3,467/mo- Down payment
- $94,821
- Funds due
- $116,484
- Interest + MI left
- $925,058
- First ends
- Apr 2052
New loan
New conventional
$7,143/mo
+$4,306/mo- Down payment
- $94,821
- Funds due
- $111,768
- Interest + MI left
- $1,280,085
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $360,179 | $360,179 | $844,179 |
| Second mortgage | — | $484,000 | — |
| First P&I | $1,708.07 | $1,708.07 | $5,844.92 |
| Second P&I | — | $3,467.44 | — |
| Mortgage insurance | — | — | $168.84 |
| Taxes, insurance & HOA | $1,129.17 | $1,129.17 | $1,129.17 |
| Total housing payment | $2,837.23 | $6,304.67 | $7,142.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$94,821
Closing costs & prepaids$21,663
Usable credit−$0
Total buyer cash needed$116,484
Earnest money paid−$0
Remaining funds due$116,484
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,390.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,800.90
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)$2,347.50
Initial HOA (3 months)$390.00
Prepaid interest, first (2 days)$61.18
Prepaid interest, second (2 days)$205.53
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 5 moOf the original 30-year loan at 3.100%
Interest already paid$54,123Through Nov 2026
Assumption only · ends Apr 2052$160,781
Assumption + second · ends Apr 2052, second Dec 2056$925,058
New conventional · ends Dec 2056$1,280,085