Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,027/mo
Lowest payment- Down payment
- $206,560
- Funds due
- $226,092
- Interest + MI left
- $344,937
- First ends
- May 2052
Assumption
Assumption + second
$4,951/mo
+$925/mo- Down payment
- $80,560
- Funds due
- $101,397
- Interest + MI left
- $551,773
- First ends
- May 2052
New loan
New conventional
$6,078/mo
+$2,051/mo- Down payment
- $80,560
- Funds due
- $95,700
- Interest + MI left
- $1,088,046
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $591,440 | $591,440 | $717,440 |
| Second mortgage | — | $126,000 | — |
| First P&I | $3,060.06 | $3,060.06 | $4,967.41 |
| Second P&I | — | $924.54 | — |
| Mortgage insurance | — | — | $143.49 |
| Taxes, insurance & HOA | $966.67 | $966.67 | $966.67 |
| Total housing payment | $4,026.72 | $4,951.27 | $6,077.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$80,560
Closing costs & prepaids$20,837
Usable credit−$0
Total buyer cash needed$101,397
Earnest money paid−$0
Remaining funds due$101,397
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,980.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,957.20
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)$1,995.00
Initial HOA (3 months)$255.00
Prepaid interest, first (2 days)$127.04
Prepaid interest, second (2 days)$55.23
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 6 moOf the original 30-year loan at 3.920%
Interest already paid$109,483Through Nov 2026
Assumption only · ends May 2052$344,937
Assumption + second · ends May 2052, second Dec 2056$551,773
New conventional · ends Dec 2056$1,088,046