Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,797/mo
Lowest payment- Down payment
- $266,111
- Funds due
- $283,180
- Interest + MI left
- $212,129
- First ends
- Feb 2052
Assumption
Assumption + second
$4,199/mo
+$1,401/mo- Down payment
- $75,111
- Funds due
- $93,514
- Interest + MI left
- $525,666
- First ends
- Feb 2052
New loan
New conventional
$5,308/mo
+$2,511/mo- Down payment
- $75,111
- Funds due
- $88,409
- Interest + MI left
- $1,023,515
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $483,889 | $483,889 | $674,889 |
| Second mortgage | — | $191,000 | — |
| First P&I | $2,297.09 | $2,297.09 | $4,672.80 |
| Second P&I | — | $1,401.49 | — |
| Mortgage insurance | — | — | $134.98 |
| Taxes, insurance & HOA | $500.17 | $500.17 | $500.17 |
| Total housing payment | $2,797.26 | $4,198.75 | $5,307.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$75,111
Closing costs & prepaids$18,403
Usable credit−$0
Total buyer cash needed$93,514
Earnest money paid−$0
Remaining funds due$93,514
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,419.45
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)$727.50
Initial HOA (3 months)$123.00
Prepaid interest, first (2 days)$81.40
Prepaid interest, second (2 days)$83.73
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 3.070%
Interest already paid$74,825Through Nov 2026
Assumption only · ends Feb 2052$212,129
Assumption + second · ends Feb 2052, second Dec 2056$525,666
New conventional · ends Dec 2056$1,023,515