Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,619/mo
Lowest payment- Down payment
- $520,693
- Funds due
- $549,025
- Interest + MI left
- $338,222
- First ends
- Mar 2052
Assumption
Assumption + second
$8,420/mo
+$2,801/mo- Down payment
- $129,693
- Funds due
- $159,358
- Interest + MI left
- $955,643
- First ends
- Mar 2052
New loan
New conventional
$10,261/mo
+$4,642/mo- Down payment
- $129,693
- Funds due
- $152,235
- Interest + MI left
- $1,767,266
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $774,307 | $774,307 | $1,165,307 |
| Second mortgage | — | $391,000 | — |
| First P&I | $3,659.63 | $3,659.63 | $8,068.35 |
| Second P&I | — | $2,801.17 | — |
| Mortgage insurance | — | — | $233.06 |
| Taxes, insurance & HOA | $1,959.33 | $1,959.33 | $1,959.33 |
| Total housing payment | $5,618.97 | $8,420.14 | $10,260.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$129,693
Closing costs & prepaids$29,665
Usable credit−$0
Total buyer cash needed$159,358
Earnest money paid−$0
Remaining funds due$159,358
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$12,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,871.54
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)$4,073.00
Initial HOA (3 months)$1,155.00
Prepaid interest, first (1 days)$64.70
Prepaid interest, second (1 days)$83.02
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 3.050%
Interest already paid$116,747Through Nov 2026
Assumption only · ends Mar 2052$338,222
Assumption + second · ends Mar 2052, second Dec 2056$955,643
New conventional · ends Dec 2056$1,767,266