Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,407/mo
Lowest payment- Down payment
- $174,505
- Funds due
- $192,216
- Interest + MI left
- $286,990
- First ends
- Apr 2052
Assumption
Assumption + second
$4,141/mo
+$734/mo- Down payment
- $74,505
- Funds due
- $93,487
- Interest + MI left
- $451,146
- First ends
- Apr 2052
New loan
New conventional
$5,372/mo
+$1,965/mo- Down payment
- $74,505
- Funds due
- $87,907
- Interest + MI left
- $1,016,851
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $570,495 | $570,495 | $670,495 |
| Second mortgage | — | $100,000 | — |
| First P&I | $2,811.43 | $2,811.43 | $4,642.37 |
| Second P&I | — | $733.76 | — |
| Mortgage insurance | — | — | $134.10 |
| Taxes, insurance & HOA | $595.33 | $595.33 | $595.33 |
| Total housing payment | $3,406.76 | $4,140.53 | $5,371.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$74,505
Closing costs & prepaids$18,982
Usable credit−$0
Total buyer cash needed$93,487
Earnest money paid−$0
Remaining funds due$93,487
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,852.47
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)$596.00
Initial HOA (3 months)$540.00
Prepaid interest, first (1 days)$53.92
Prepaid interest, second (1 days)$21.92
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 5 moOf the original 30-year loan at 3.450%
Interest already paid$95,123Through Nov 2026
Assumption only · ends Apr 2052$286,990
Assumption + second · ends Apr 2052, second Dec 2056$451,146
New conventional · ends Dec 2056$1,016,851