Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,630/mo
Lowest payment- Down payment
- $215,612
- Funds due
- $232,053
- Interest + MI left
- $432,577
- First ends
- Sep 2052
Assumption
Assumption + second
$4,708/mo
+$1,079/mo- Down payment
- $68,612
- Funds due
- $86,367
- Interest + MI left
- $673,886
- First ends
- Sep 2052
New loan
New conventional
$5,088/mo
+$1,458/mo- Down payment
- $68,612
- Funds due
- $81,357
- Interest + MI left
- $925,572
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $463,388 | $463,388 | $610,388 |
| Second mortgage | — | $147,000 | — |
| First P&I | $2,890.21 | $2,890.21 | $4,226.20 |
| Second P&I | — | $1,078.63 | — |
| Mortgage insurance | — | — | $122.08 |
| Taxes, insurance & HOA | $739.41 | $739.41 | $739.41 |
| Total housing payment | $3,629.62 | $4,708.26 | $5,087.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$68,612
Closing costs & prepaids$17,755
Usable credit−$0
Total buyer cash needed$86,367
Earnest money paid−$0
Remaining funds due$86,367
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,790.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,316.94
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,108.25
Initial HOA (3 months)$609.99
Prepaid interest, first (2 days)$147.52
Prepaid interest, second (2 days)$64.44
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 10 moOf the original 30-year loan at 5.810%
Interest already paid$115,856Through Nov 2026
Assumption only · ends Sep 2052$432,577
Assumption + second · ends Sep 2052, second Dec 2056$673,886
New conventional · ends Dec 2056$925,572