Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,213/mo
Lowest payment- Down payment
- $309,493
- Funds due
- $329,340
- Interest + MI left
- $511,218
- First ends
- Sep 2052
Assumption
Assumption + second
$5,746/mo
+$1,533/mo- Down payment
- $95,493
- Funds due
- $116,635
- Interest + MI left
- $849,142
- First ends
- Sep 2052
New loan
New conventional
$6,581/mo
+$2,368/mo- Down payment
- $95,493
- Funds due
- $110,478
- Interest + MI left
- $1,294,401
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $639,507 | $639,507 | $853,507 |
| Second mortgage | — | $214,000 | — |
| First P&I | $3,712.02 | $3,712.02 | $5,909.51 |
| Second P&I | — | $1,533.12 | — |
| Mortgage insurance | — | — | $170.70 |
| Taxes, insurance & HOA | $500.66 | $500.66 | $500.66 |
| Total housing payment | $4,212.68 | $5,745.80 | $6,580.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$95,493
Closing costs & prepaids$21,142
Usable credit−$0
Total buyer cash needed$116,635
Earnest money paid−$0
Remaining funds due$116,635
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,197.54
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)$710.00
Initial HOA (3 months)$141.99
Prepaid interest, first (1 days)$89.18
Prepaid interest, second (1 days)$45.44
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 10 moOf the original 30-year loan at 5.090%
Interest already paid$140,658Through Nov 2026
Assumption only · ends Sep 2052$511,218
Assumption + second · ends Sep 2052, second Dec 2056$849,142
New conventional · ends Dec 2056$1,294,401