Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,449/mo
Lowest payment- Down payment
- $563,674
- Funds due
- $595,180
- Interest + MI left
- $571,419
- First ends
- Apr 2052
Assumption
Assumption + second
$9,200/mo
+$2,751/mo- Down payment
- $179,674
- Funds due
- $212,593
- Interest + MI left
- $1,177,787
- First ends
- Apr 2052
New loan
New conventional
$12,046/mo
+$5,597/mo- Down payment
- $179,674
- Funds due
- $202,873
- Interest + MI left
- $2,449,751
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $1,231,326 | $1,231,326 | $1,615,326 |
| Second mortgage | — | $384,000 | — |
| First P&I | $5,910.64 | $5,910.64 | $11,184.19 |
| Second P&I | — | $2,751.02 | — |
| Mortgage insurance | — | — | $323.07 |
| Taxes, insurance & HOA | $538.50 | $538.50 | $538.50 |
| Total housing payment | $6,449.14 | $9,200.16 | $12,045.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$179,674
Closing costs & prepaids$32,920
Usable credit−$0
Total buyer cash needed$212,593
Earnest money paid−$0
Remaining funds due$212,593
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$17,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$6,156.63
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)$839.50
Initial HOA (3 months)$126.00
Prepaid interest, first (2 days)$216.58
Prepaid interest, second (2 days)$163.07
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 5 moOf the original 30-year loan at 3.210%
Interest already paid$191,412Through Nov 2026
Assumption only · ends Apr 2052$571,419
Assumption + second · ends Apr 2052, second Dec 2056$1,177,787
New conventional · ends Dec 2056$2,449,751