Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,893/mo
Lowest payment- Down payment
- $454,507
- Funds due
- $473,282
- Interest + MI left
- $242,624
- First ends
- May 2052
Assumption
Assumption + second
$5,501/mo
+$2,608/mo- Down payment
- $90,507
- Funds due
- $110,609
- Interest + MI left
- $817,411
- First ends
- May 2052
New loan
New conventional
$6,411/mo
+$3,518/mo- Down payment
- $90,507
- Funds due
- $105,475
- Interest + MI left
- $1,227,651
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $445,493 | $445,493 | $809,493 |
| Second mortgage | — | $364,000 | — |
| First P&I | $2,248.75 | $2,248.75 | $5,604.77 |
| Second P&I | — | $2,607.74 | — |
| Mortgage insurance | — | — | $161.90 |
| Taxes, insurance & HOA | $644.75 | $644.75 | $644.75 |
| Total housing payment | $2,893.50 | $5,501.24 | $6,411.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$90,507
Closing costs & prepaids$20,102
Usable credit−$0
Total buyer cash needed$110,609
Earnest money paid−$0
Remaining funds due$110,609
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,227.47
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)$750.25
Initial HOA (3 months)$534.00
Prepaid interest, first (1 days)$45.04
Prepaid interest, second (1 days)$77.29
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 6 moOf the original 30-year loan at 3.690%
Interest already paid$77,767Through Nov 2026
Assumption only · ends May 2052$242,624
Assumption + second · ends May 2052, second Dec 2056$817,411
New conventional · ends Dec 2056$1,227,651