Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,856/mo
Lowest payment- Down payment
- $222,389
- Funds due
- $240,077
- Interest + MI left
- $491,068
- First ends
- Oct 2052
Assumption
Assumption + second
$4,913/mo
+$1,057/mo- Down payment
- $78,389
- Funds due
- $97,359
- Interest + MI left
- $727,452
- First ends
- Oct 2052
New loan
New conventional
$5,479/mo
+$1,622/mo- Down payment
- $78,389
- Funds due
- $91,775
- Interest + MI left
- $1,062,524
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $556,611 | $556,611 | $700,611 |
| Second mortgage | — | $144,000 | — |
| First P&I | $3,368.74 | $3,368.74 | $4,850.89 |
| Second P&I | — | $1,056.62 | — |
| Mortgage insurance | — | — | $140.12 |
| Taxes, insurance & HOA | $487.58 | $487.58 | $487.58 |
| Total housing payment | $3,856.33 | $4,912.95 | $5,478.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$78,389
Closing costs & prepaids$18,970
Usable credit−$0
Total buyer cash needed$97,359
Earnest money paid−$0
Remaining funds due$97,359
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,790.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,783.05
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)$722.75
Initial HOA (3 months)$90.00
Prepaid interest, first (1 days)$84.18
Prepaid interest, second (1 days)$31.56
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 11 moOf the original 30-year loan at 5.520%
Interest already paid$129,679Through Nov 2026
Assumption only · ends Oct 2052$491,068
Assumption + second · ends Oct 2052, second Dec 2056$727,452
New conventional · ends Dec 2056$1,062,524