Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,542/mo
Lowest payment- Down payment
- $414,795
- Funds due
- $430,978
- Interest + MI left
- $295,596
- First ends
- Dec 2052
Assumption
Assumption + second
$4,999/mo
+$2,457/mo- Down payment
- $71,795
- Funds due
- $89,300
- Interest + MI left
- $837,222
- First ends
- Dec 2052
New loan
New conventional
$5,220/mo
+$2,679/mo- Down payment
- $71,795
- Funds due
- $85,046
- Interest + MI left
- $975,464
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $300,205 | $300,205 | $643,205 |
| Second mortgage | — | $343,000 | — |
| First P&I | $1,903.52 | $1,903.52 | $4,453.42 |
| Second P&I | — | $2,457.29 | — |
| Mortgage insurance | — | — | $128.64 |
| Taxes, insurance & HOA | $638.00 | $638.00 | $638.00 |
| Total housing payment | $2,541.52 | $4,998.81 | $5,220.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$71,795
Closing costs & prepaids$17,505
Usable credit−$0
Total buyer cash needed$89,300
Earnest money paid−$0
Remaining funds due$89,300
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,501.03
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)$724.00
Initial HOA (3 months)$540.00
Prepaid interest, first (1 days)$49.51
Prepaid interest, second (1 days)$72.83
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 closing26 yr 1 moOf the original 30-year loan at 6.020%
Interest already paid$72,859Through Nov 2026
Assumption only · ends Dec 2052$295,596
Assumption + second · ends Dec 2052, second Dec 2056$837,222
New conventional · ends Dec 2056$975,464