Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,314/mo
Lowest payment- Down payment
- $351,772
- Funds due
- $371,494
- Interest + MI left
- $244,815
- First ends
- Mar 2052
Assumption
Assumption + second
$5,148/mo
+$1,834/mo- Down payment
- $95,772
- Funds due
- $116,798
- Interest + MI left
- $649,061
- First ends
- Mar 2052
New loan
New conventional
$6,622/mo
+$3,308/mo- Down payment
- $95,772
- Funds due
- $110,883
- Interest + MI left
- $1,293,978
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $597,228 | $597,228 | $853,228 |
| Second mortgage | — | $256,000 | — |
| First P&I | $2,769.88 | $2,769.88 | $5,907.58 |
| Second P&I | — | $1,834.02 | — |
| Mortgage insurance | — | — | $170.65 |
| Taxes, insurance & HOA | $543.67 | $543.67 | $543.67 |
| Total housing payment | $3,313.55 | $5,147.56 | $6,621.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$95,772
Closing costs & prepaids$21,027
Usable credit−$0
Total buyer cash needed$116,798
Earnest money paid−$0
Remaining funds due$116,798
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,986.14
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)$898.50
Initial HOA (3 months)$82.50
Prepaid interest, first (1 days)$47.12
Prepaid interest, second (1 days)$54.36
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 4 moOf the original 30-year loan at 2.880%
Interest already paid$85,158Through Nov 2026
Assumption only · ends Mar 2052$244,815
Assumption + second · ends Mar 2052, second Dec 2056$649,061
New conventional · ends Dec 2056$1,293,978