Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,724/mo
Lowest payment- Down payment
- $422,202
- Funds due
- $441,640
- Interest + MI left
- $441,922
- First ends
- Sep 2052
Assumption
Assumption + second
$6,081/mo
+$2,357/mo- Down payment
- $93,202
- Funds due
- $113,960
- Interest + MI left
- $961,440
- First ends
- Sep 2052
New loan
New conventional
$6,602/mo
+$2,878/mo- Down payment
- $93,202
- Funds due
- $108,494
- Interest + MI left
- $1,261,478
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $502,798 | $502,798 | $831,798 |
| Second mortgage | — | $329,000 | — |
| First P&I | $3,047.48 | $3,047.48 | $5,759.20 |
| Second P&I | — | $2,357.00 | — |
| Mortgage insurance | — | — | $166.36 |
| Taxes, insurance & HOA | $676.75 | $676.75 | $676.75 |
| Total housing payment | $3,724.23 | $6,081.23 | $6,602.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$93,202
Closing costs & prepaids$20,758
Usable credit−$0
Total buyer cash needed$113,960
Earnest money paid−$0
Remaining funds due$113,960
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,513.99
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)$942.25
Initial HOA (3 months)$438.00
Prepaid interest, first (1 days)$76.04
Prepaid interest, second (1 days)$69.86
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 10 moOf the original 30-year loan at 5.520%
Interest already paid$119,629Through Nov 2026
Assumption only · ends Sep 2052$441,922
Assumption + second · ends Sep 2052, second Dec 2056$961,440
New conventional · ends Dec 2056$1,261,478