Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,718/mo
Lowest payment- Down payment
- $446,392
- Funds due
- $467,731
- Interest + MI left
- $321,020
- First ends
- May 2052
Assumption
Assumption + second
$6,147/mo
+$2,429/mo- Down payment
- $107,392
- Funds due
- $130,052
- Interest + MI left
- $856,329
- First ends
- May 2052
New loan
New conventional
$7,488/mo
+$3,770/mo- Down payment
- $107,392
- Funds due
- $123,881
- Interest + MI left
- $1,459,860
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $623,608 | $623,608 | $962,608 |
| Second mortgage | — | $339,000 | — |
| First P&I | $3,087.02 | $3,087.02 | $6,664.90 |
| Second P&I | — | $2,428.64 | — |
| Mortgage insurance | — | — | $192.52 |
| Taxes, insurance & HOA | $630.92 | $630.92 | $630.92 |
| Total housing payment | $3,717.94 | $6,146.57 | $7,488.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$107,392
Closing costs & prepaids$22,661
Usable credit−$0
Total buyer cash needed$130,052
Earnest money paid−$0
Remaining funds due$130,052
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$10,700.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,118.04
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)$1,077.75
Initial HOA (3 months)$165.00
Prepaid interest, first (1 days)$59.97
Prepaid interest, second (1 days)$71.98
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 6 moOf the original 30-year loan at 3.510%
Interest already paid$103,697Through Nov 2026
Assumption only · ends May 2052$321,020
Assumption + second · ends May 2052, second Dec 2056$856,329
New conventional · ends Dec 2056$1,459,860