Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,754/mo
Lowest payment- Down payment
- $310,747
- Funds due
- $329,055
- Interest + MI left
- $499,930
- First ends
- Oct 2052
Assumption
Assumption + second
$5,352/mo
+$1,598/mo- Down payment
- $87,747
- Funds due
- $107,400
- Interest + MI left
- $852,065
- First ends
- Oct 2052
New loan
New conventional
$5,941/mo
+$2,186/mo- Down payment
- $87,747
- Funds due
- $101,711
- Interest + MI left
- $1,193,922
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $564,253 | $564,253 | $787,253 |
| Second mortgage | — | $223,000 | — |
| First P&I | $3,421.81 | $3,421.81 | $5,450.78 |
| Second P&I | — | $1,597.60 | — |
| Mortgage insurance | — | — | $157.45 |
| Taxes, insurance & HOA | $332.42 | $332.42 | $332.42 |
| Total housing payment | $3,754.22 | $5,351.82 | $5,940.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$87,747
Closing costs & prepaids$19,652
Usable credit−$0
Total buyer cash needed$107,400
Earnest money paid−$0
Remaining funds due$107,400
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,821.26
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)$347.25
Prepaid interest, first (2 days)$171.29
Prepaid interest, second (2 days)$94.70
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 11 moOf the original 30-year loan at 5.540%
Interest already paid$131,921Through Nov 2026
Assumption only · ends Oct 2052$499,930
Assumption + second · ends Oct 2052, second Dec 2056$852,065
New conventional · ends Dec 2056$1,193,922