Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,711/mo
Lowest payment- Down payment
- $520,692
- Funds due
- $536,774
- Interest + MI left
- $86,347
- First ends
- Nov 2051
Assumption
Assumption + second
$4,920/mo
+$3,210/mo- Down payment
- $72,692
- Funds due
- $90,119
- Interest + MI left
- $793,777
- First ends
- Nov 2051
New loan
New conventional
$5,389/mo
+$3,678/mo- Down payment
- $72,692
- Funds due
- $86,347
- Interest + MI left
- $989,269
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $204,308 | $204,308 | $652,308 |
| Second mortgage | — | $448,000 | — |
| First P&I | $968.85 | $968.85 | $4,516.45 |
| Second P&I | — | $3,209.53 | — |
| Mortgage insurance | — | — | $130.46 |
| Taxes, insurance & HOA | $741.67 | $741.67 | $741.67 |
| Total housing payment | $1,710.52 | $4,920.04 | $5,388.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$72,692
Closing costs & prepaids$17,426
Usable credit−$0
Total buyer cash needed$90,119
Earnest money paid−$0
Remaining funds due$90,119
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,021.54
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)$1,545.00
Initial HOA (3 months)$30.00
Prepaid interest, first (1 days)$16.79
Prepaid interest, second (1 days)$95.12
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 yrOf the original 30-year loan at 3.000%
Interest already paid$32,638Through Nov 2026
Assumption only · ends Nov 2051$86,347
Assumption + second · ends Nov 2051, second Dec 2056$793,777
New conventional · ends Dec 2056$989,269