Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,967/mo
Lowest payment- Down payment
- $236,149
- Funds due
- $253,560
- Interest + MI left
- $211,842
- First ends
- Mar 2052
Assumption
Assumption + second
$4,148/mo
+$1,181/mo- Down payment
- $75,149
- Funds due
- $93,846
- Interest + MI left
- $476,132
- First ends
- Mar 2052
New loan
New conventional
$5,383/mo
+$2,417/mo- Down payment
- $75,149
- Funds due
- $88,547
- Interest + MI left
- $1,021,940
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $512,851 | $512,851 | $673,851 |
| Second mortgage | — | $161,000 | — |
| First P&I | $2,383.86 | $2,383.86 | $4,665.61 |
| Second P&I | — | $1,181.36 | — |
| Mortgage insurance | — | — | $134.77 |
| Taxes, insurance & HOA | $582.75 | $582.75 | $582.75 |
| Total housing payment | $2,966.61 | $4,147.97 | $5,383.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$75,149
Closing costs & prepaids$18,697
Usable credit−$0
Total buyer cash needed$93,846
Earnest money paid−$0
Remaining funds due$93,846
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,564.25
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)$768.25
Initial HOA (3 months)$330.00
Prepaid interest, first (1 days)$40.75
Prepaid interest, second (1 days)$35.29
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 4 moOf the original 30-year loan at 2.900%
Interest already paid$73,621Through Nov 2026
Assumption only · ends Mar 2052$211,842
Assumption + second · ends Mar 2052, second Dec 2056$476,132
New conventional · ends Dec 2056$1,021,940