Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,291/mo
Lowest payment- Down payment
- $311,009
- Funds due
- $326,075
- Interest + MI left
- $188,138
- First ends
- Apr 2052
Assumption
Assumption + second
$4,024/mo
+$1,734/mo- Down payment
- $69,009
- Funds due
- $85,377
- Interest + MI left
- $570,277
- First ends
- Apr 2052
New loan
New conventional
$4,836/mo
+$2,545/mo- Down payment
- $69,009
- Funds due
- $80,812
- Interest + MI left
- $934,192
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $373,991 | $373,991 | $615,991 |
| Second mortgage | — | $242,000 | — |
| First P&I | $1,843.05 | $1,843.05 | $4,265.00 |
| Second P&I | — | $1,733.72 | — |
| Mortgage insurance | — | — | $123.20 |
| Taxes, insurance & HOA | $447.67 | $447.67 | $447.67 |
| Total housing payment | $2,290.71 | $4,024.43 | $4,835.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$69,009
Closing costs & prepaids$16,368
Usable credit−$0
Total buyer cash needed$85,377
Earnest money paid−$0
Remaining funds due$85,377
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,869.96
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$465.00
Initial HOA (3 months)$378.00
Prepaid interest, first (1 days)$35.35
Prepaid interest, second (1 days)$51.38
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$62,359Through Nov 2026
Assumption only · ends Apr 2052$188,138
Assumption + second · ends Apr 2052, second Dec 2056$570,277
New conventional · ends Dec 2056$934,192