Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,913/mo
Lowest payment- Down payment
- $600,453
- Funds due
- $633,783
- Interest + MI left
- $492,142
- First ends
- Apr 2052
Assumption
Assumption + second
$9,993/mo
+$3,081/mo- Down payment
- $170,453
- Funds due
- $205,216
- Interest + MI left
- $1,171,148
- First ends
- Apr 2052
New loan
New conventional
$12,587/mo
+$5,674/mo- Down payment
- $170,453
- Funds due
- $196,226
- Interest + MI left
- $2,318,144
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $1,098,547 | $1,098,547 | $1,528,547 |
| Second mortgage | — | $430,000 | — |
| First P&I | $5,215.37 | $5,215.37 | $10,583.35 |
| Second P&I | — | $3,080.57 | — |
| Mortgage insurance | — | — | $305.71 |
| Taxes, insurance & HOA | $1,697.50 | $1,697.50 | $1,697.50 |
| Total housing payment | $6,912.87 | $9,993.45 | $12,586.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$170,453
Closing costs & prepaids$34,763
Usable credit−$0
Total buyer cash needed$205,216
Earnest money paid−$0
Remaining funds due$205,216
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$16,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$5,492.73
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)$4,247.50
Initial HOA (3 months)$195.00
Prepaid interest, first (2 days)$187.20
Prepaid interest, second (2 days)$182.60
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 3.110%
Interest already paid$165,593Through Nov 2026
Assumption only · ends Apr 2052$492,142
Assumption + second · ends Apr 2052, second Dec 2056$1,171,148
New conventional · ends Dec 2056$2,318,144