Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,720/mo
Lowest payment- Down payment
- $364,827
- Funds due
- $381,241
- Interest + MI left
- $296,455
- First ends
- Jun 2052
Assumption
Assumption + second
$4,812/mo
+$2,092/mo- Down payment
- $72,827
- Funds due
- $90,553
- Interest + MI left
- $757,548
- First ends
- Jun 2052
New loan
New conventional
$5,227/mo
+$2,507/mo- Down payment
- $72,827
- Funds due
- $85,998
- Interest + MI left
- $989,064
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $360,173 | $360,173 | $652,173 |
| Second mortgage | — | $292,000 | — |
| First P&I | $2,138.85 | $2,138.85 | $4,515.51 |
| Second P&I | — | $2,091.92 | — |
| Mortgage insurance | — | — | $130.43 |
| Taxes, insurance & HOA | $580.84 | $580.84 | $580.84 |
| Total housing payment | $2,719.69 | $4,811.61 | $5,226.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$72,827
Closing costs & prepaids$17,725
Usable credit−$0
Total buyer cash needed$90,553
Earnest money paid−$0
Remaining funds due$90,553
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%)$1,800.86
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)$748.50
Initial HOA (3 months)$344.01
Prepaid interest, first (1 days)$52.00
Prepaid interest, second (1 days)$62.00
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 7 moOf the original 30-year loan at 5.270%
Interest already paid$87,069Through Nov 2026
Assumption only · ends Jun 2052$296,455
Assumption + second · ends Jun 2052, second Dec 2056$757,548
New conventional · ends Dec 2056$989,064