Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,782/mo
Lowest payment- Down payment
- $301,591
- Funds due
- $322,351
- Interest + MI left
- $283,064
- First ends
- Feb 2052
Assumption
Assumption + second
$5,265/mo
+$1,483/mo- Down payment
- $94,591
- Funds due
- $116,909
- Interest + MI left
- $609,934
- First ends
- Feb 2052
New loan
New conventional
$6,646/mo
+$2,863/mo- Down payment
- $94,591
- Funds due
- $111,185
- Interest + MI left
- $1,243,439
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $643,409 | $643,409 | $850,409 |
| Second mortgage | — | $207,000 | — |
| First P&I | $3,067.79 | $3,067.79 | $5,760.97 |
| Second P&I | — | $1,482.97 | — |
| Mortgage insurance | — | — | $170.08 |
| Taxes, insurance & HOA | $714.67 | $714.67 | $714.67 |
| Total housing payment | $3,782.46 | $5,265.43 | $6,645.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$94,591
Closing costs & prepaids$22,318
Usable credit−$0
Total buyer cash needed$116,909
Earnest money paid−$0
Remaining funds due$116,909
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,217.05
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)$1,134.00
Initial HOA (3 months)$360.00
Prepaid interest, first (7 days)$381.29
Prepaid interest, second (7 days)$307.66
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 2 moOf the original 30-year loan at 3.09%
Interest already paid$102,002Through Dec 2026
Assumption only · ends Feb 2052$283,064
Assumption + second · ends Feb 2052, second Jan 2057$609,934
New conventional · ends Jan 2057$1,243,439