Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,605/mo
Lowest payment- Down payment
- $591,955
- Funds due
- $611,561
- Interest + MI left
- $202,010
- First ends
- Apr 2052
Assumption
Assumption + second
$6,130/mo
+$3,525/mo- Down payment
- $99,955
- Funds due
- $121,438
- Interest + MI left
- $978,919
- First ends
- Apr 2052
New loan
New conventional
$6,857/mo
+$4,252/mo- Down payment
- $99,955
- Funds due
- $116,581
- Interest + MI left
- $1,308,704
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $403,045 | $403,045 | $895,045 |
| Second mortgage | — | $492,000 | — |
| First P&I | $1,990.31 | $1,990.31 | $6,063.35 |
| Second P&I | — | $3,524.75 | — |
| Mortgage insurance | — | — | $179.01 |
| Taxes, insurance & HOA | $614.67 | $614.67 | $614.67 |
| Total housing payment | $2,604.98 | $6,129.73 | $6,857.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$99,955
Closing costs & prepaids$21,483
Usable credit−$0
Total buyer cash needed$121,438
Earnest money paid−$0
Remaining funds due$121,438
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,015.22
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)$1,194.00
Prepaid interest, first (6 days)$228.58
Prepaid interest, second (6 days)$626.79
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 4 moOf the original 30-year loan at 3.45%
Interest already paid$68,502Through Dec 2026
Assumption only · ends Apr 2052$202,010
Assumption + second · ends Apr 2052, second Jan 2057$978,919
New conventional · ends Jan 2057$1,308,704