Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,277/mo
Lowest payment- Down payment
- $195,453
- Funds due
- $213,437
- Interest + MI left
- $223,678
- First ends
- Apr 2052
Assumption
Assumption + second
$4,165/mo
+$888/mo- Down payment
- $74,453
- Funds due
- $93,714
- Interest + MI left
- $422,306
- First ends
- Apr 2052
New loan
New conventional
$5,481/mo
+$2,203/mo- Down payment
- $74,453
- Funds due
- $88,292
- Interest + MI left
- $1,001,632
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $539,547 | $539,547 | $660,547 |
| Second mortgage | — | $121,000 | — |
| First P&I | $2,502.37 | $2,502.37 | $4,573.49 |
| Second P&I | — | $887.86 | — |
| Mortgage insurance | — | — | $132.11 |
| Taxes, insurance & HOA | $775.00 | $775.00 | $775.00 |
| Total housing payment | $3,277.37 | $4,165.23 | $5,480.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$74,453
Closing costs & prepaids$19,260
Usable credit−$0
Total buyer cash needed$93,714
Earnest money paid−$0
Remaining funds due$93,714
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,697.73
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)$1,465.00
Initial HOA (3 months)$210.00
Prepaid interest, first (1 days)$42.87
Prepaid interest, second (1 days)$26.52
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 2.900%
Interest already paid$75,977Through Nov 2026
Assumption only · ends Apr 2052$223,678
Assumption + second · ends Apr 2052, second Dec 2056$422,306
New conventional · ends Dec 2056$1,001,632