Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,587/mo
Lowest payment- Down payment
- $295,619
- Funds due
- $315,384
- Interest + MI left
- $267,386
- First ends
- Feb 2052
Assumption
Assumption + second
$5,055/mo
+$1,469/mo- Down payment
- $90,619
- Funds due
- $111,677
- Interest + MI left
- $591,099
- First ends
- Feb 2052
New loan
New conventional
$6,472/mo
+$2,885/mo- Down payment
- $90,619
- Funds due
- $105,780
- Interest + MI left
- $1,225,964
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $603,381 | $603,381 | $808,381 |
| Second mortgage | — | $205,000 | — |
| First P&I | $2,873.82 | $2,873.82 | $5,597.07 |
| Second P&I | — | $1,468.65 | — |
| Mortgage insurance | — | — | $161.68 |
| Taxes, insurance & HOA | $712.92 | $712.92 | $712.92 |
| Total housing payment | $3,586.74 | $5,055.38 | $6,471.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$90,619
Closing costs & prepaids$21,058
Usable credit−$0
Total buyer cash needed$111,677
Earnest money paid−$0
Remaining funds due$111,677
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,016.91
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)$969.75
Initial HOA (3 months)$519.00
Prepaid interest, first (1 days)$51.25
Prepaid interest, second (1 days)$43.53
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 3 moOf the original 30-year loan at 3.100%
Interest already paid$94,189Through Nov 2026
Assumption only · ends Feb 2052$267,386
Assumption + second · ends Feb 2052, second Dec 2056$591,099
New conventional · ends Dec 2056$1,225,964