Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,538/mo
Lowest payment- Down payment
- $595,550
- Funds due
- $615,180
- Interest + MI left
- $178,787
- First ends
- Mar 2052
Assumption
Assumption + second
$6,084/mo
+$3,546/mo- Down payment
- $100,550
- Funds due
- $122,061
- Interest + MI left
- $960,434
- First ends
- Mar 2052
New loan
New conventional
$6,882/mo
+$4,345/mo- Down payment
- $100,550
- Funds due
- $117,219
- Interest + MI left
- $1,313,682
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $403,450 | $403,450 | $898,450 |
| Second mortgage | — | $495,000 | — |
| First P&I | $1,921.57 | $1,921.57 | $6,086.41 |
| Second P&I | — | $3,546.24 | — |
| Mortgage insurance | — | — | $179.69 |
| Taxes, insurance & HOA | $616.25 | $616.25 | $616.25 |
| Total housing payment | $2,537.82 | $6,084.06 | $6,882.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$100,550
Closing costs & prepaids$21,510
Usable credit−$0
Total buyer cash needed$122,061
Earnest money paid−$0
Remaining funds due$122,061
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,017.25
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)$1,198.75
Prepaid interest, first (6 days)$205.59
Prepaid interest, second (6 days)$630.62
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 3 moOf the original 30-year loan at 3.1%
Interest already paid$62,979Through Dec 2026
Assumption only · ends Mar 2052$178,787
Assumption + second · ends Mar 2052, second Jan 2057$960,434
New conventional · ends Jan 2057$1,313,682