Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,255/mo
Lowest payment- Down payment
- $286,928
- Funds due
- $304,878
- Interest + MI left
- $330,712
- First ends
- Aug 2052
Assumption
Assumption + second
$4,709/mo
+$1,454/mo- Down payment
- $83,928
- Funds due
- $103,171
- Interest + MI left
- $651,266
- First ends
- Aug 2052
New loan
New conventional
$5,761/mo
+$2,507/mo- Down payment
- $83,928
- Funds due
- $97,598
- Interest + MI left
- $1,139,051
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $548,072 | $548,072 | $751,072 |
| Second mortgage | — | $203,000 | — |
| First P&I | $2,843.96 | $2,843.96 | $5,200.27 |
| Second P&I | — | $1,454.32 | — |
| Mortgage insurance | — | — | $150.21 |
| Taxes, insurance & HOA | $410.66 | $410.66 | $410.66 |
| Total housing payment | $3,254.63 | $4,708.94 | $5,761.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$83,928
Closing costs & prepaids$19,244
Usable credit−$0
Total buyer cash needed$103,171
Earnest money paid−$0
Remaining funds due$103,171
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,740.36
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)$182.00
Initial HOA (3 months)$399.99
Prepaid interest, first (1 days)$60.06
Prepaid interest, second (1 days)$43.10
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 9 moOf the original 30-year loan at 4.000%
Interest already paid$97,414Through Nov 2026
Assumption only · ends Aug 2052$330,712
Assumption + second · ends Aug 2052, second Dec 2056$651,266
New conventional · ends Dec 2056$1,139,051