Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,125/mo
Lowest payment- Down payment
- $248,282
- Funds due
- $262,377
- Interest + MI left
- $145,992
- First ends
- Apr 2052
Assumption
Assumption + second
$3,519/mo
+$1,394/mo- Down payment
- $58,282
- Funds due
- $73,668
- Interest + MI left
- $457,887
- First ends
- Apr 2052
New loan
New conventional
$4,249/mo
+$2,123/mo- Down payment
- $58,282
- Funds due
- $69,454
- Interest + MI left
- $780,502
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $324,718 | $324,718 | $514,718 |
| Second mortgage | — | $190,000 | — |
| First P&I | $1,543.31 | $1,543.31 | $3,563.80 |
| Second P&I | — | $1,394.15 | — |
| Mortgage insurance | — | — | $102.94 |
| Taxes, insurance & HOA | $581.92 | $581.92 | $581.92 |
| Total housing payment | $2,125.23 | $3,519.38 | $4,248.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,282
Closing costs & prepaids$15,387
Usable credit−$0
Total buyer cash needed$73,668
Earnest money paid−$0
Remaining funds due$73,668
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,730.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,623.59
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)$600.75
Initial HOA (3 months)$645.00
Prepaid interest, first (1 days)$27.76
Prepaid interest, second (1 days)$41.64
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 3.120%
Interest already paid$49,100Through Nov 2026
Assumption only · ends Apr 2052$145,992
Assumption + second · ends Apr 2052, second Dec 2056$457,887
New conventional · ends Dec 2056$780,502