Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,303/mo
Lowest payment- Down payment
- $661,105
- Funds due
- $683,360
- Interest + MI left
- $270,591
- First ends
- Apr 2052
Assumption
Assumption + second
$7,179/mo
+$3,876/mo- Down payment
- $120,105
- Funds due
- $143,725
- Interest + MI left
- $1,124,875
- First ends
- Apr 2052
New loan
New conventional
$8,338/mo
+$5,035/mo- Down payment
- $120,105
- Funds due
- $137,845
- Interest + MI left
- $1,636,217
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $537,895 | $537,895 | $1,078,895 |
| Second mortgage | — | $541,000 | — |
| First P&I | $2,650.77 | $2,650.77 | $7,470.05 |
| Second P&I | — | $3,875.79 | — |
| Mortgage insurance | — | — | $215.78 |
| Taxes, insurance & HOA | $652.33 | $652.33 | $652.33 |
| Total housing payment | $3,303.11 | $7,178.90 | $8,338.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$120,105
Closing costs & prepaids$23,620
Usable credit−$0
Total buyer cash needed$143,725
Earnest money paid−$0
Remaining funds due$143,725
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$11,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,689.48
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)$1,307.00
Prepaid interest, first (1 days)$50.84
Prepaid interest, second (1 days)$114.87
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$89,688Through Nov 2026
Assumption only · ends Apr 2052$270,591
Assumption + second · ends Apr 2052, second Dec 2056$1,124,875
New conventional · ends Dec 2056$1,636,217