Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,425/mo
Lowest payment- Down payment
- $331,805
- Funds due
- $354,621
- Interest + MI left
- $356,618
- First ends
- Apr 2052
Assumption
Assumption + second
$5,994/mo
+$1,569/mo- Down payment
- $112,805
- Funds due
- $136,917
- Interest + MI left
- $702,437
- First ends
- Apr 2052
New loan
New conventional
$7,866/mo
+$3,441/mo- Down payment
- $112,805
- Funds due
- $129,872
- Interest + MI left
- $1,535,062
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $793,195 | $793,195 | $1,012,195 |
| Second mortgage | — | $219,000 | — |
| First P&I | $3,769.88 | $3,769.88 | $7,008.23 |
| Second P&I | — | $1,568.94 | — |
| Mortgage insurance | — | — | $202.44 |
| Taxes, insurance & HOA | $654.83 | $654.83 | $654.83 |
| Total housing payment | $4,424.71 | $5,993.66 | $7,865.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$112,805
Closing costs & prepaids$24,113
Usable credit−$0
Total buyer cash needed$136,917
Earnest money paid−$0
Remaining funds due$136,917
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$11,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,965.98
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)$876.50
Initial HOA (3 months)$438.00
Prepaid interest, first (1 days)$67.80
Prepaid interest, second (1 days)$46.50
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$119,939Through Nov 2026
Assumption only · ends Apr 2052$356,618
Assumption + second · ends Apr 2052, second Dec 2056$702,437
New conventional · ends Dec 2056$1,535,062