Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,607/mo
Lowest payment- Down payment
- $373,425
- Funds due
- $386,542
- Interest + MI left
- $154,083
- First ends
- Nov 2052
Assumption
Assumption + second
$3,878/mo
+$2,271/mo- Down payment
- $56,425
- Funds due
- $70,927
- Interest + MI left
- $654,652
- First ends
- Nov 2052
New loan
New conventional
$4,115/mo
+$2,507/mo- Down payment
- $56,425
- Funds due
- $67,389
- Interest + MI left
- $768,255
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $189,575 | $189,575 | $506,575 |
| Second mortgage | — | $317,000 | — |
| First P&I | $1,101.47 | $1,101.47 | $3,507.42 |
| Second P&I | — | $2,271.03 | — |
| Mortgage insurance | — | — | $101.32 |
| Taxes, insurance & HOA | $506.00 | $506.00 | $506.00 |
| Total housing payment | $1,607.47 | $3,878.49 | $4,114.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,425
Closing costs & prepaids$14,502
Usable credit−$0
Total buyer cash needed$70,927
Earnest money paid−$0
Remaining funds due$70,927
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,630.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$947.87
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$403.00
Initial HOA (3 months)$615.00
Prepaid interest, first (2 days)$53.29
Prepaid interest, second (2 days)$134.62
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 closing26 yrOf the original 30-year loan at 5.130%
Interest already paid$40,265Through Nov 2026
Assumption only · ends Nov 2052$154,083
Assumption + second · ends Nov 2052, second Dec 2056$654,652
New conventional · ends Dec 2056$768,255