Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,868/mo
Lowest payment- Down payment
- $473,911
- Funds due
- $492,092
- Interest + MI left
- $321,983
- First ends
- Oct 2052
Assumption
Assumption + second
$5,655/mo
+$2,787/mo- Down payment
- $84,911
- Funds due
- $104,920
- Interest + MI left
- $936,247
- First ends
- Oct 2052
New loan
New conventional
$5,949/mo
+$3,080/mo- Down payment
- $84,911
- Funds due
- $100,238
- Interest + MI left
- $1,117,224
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $375,089 | $375,089 | $764,089 |
| Second mortgage | — | $389,000 | — |
| First P&I | $2,248.62 | $2,248.62 | $5,176.21 |
| Second P&I | — | $2,786.84 | — |
| Mortgage insurance | — | — | $152.82 |
| Taxes, insurance & HOA | $619.58 | $619.58 | $619.58 |
| Total housing payment | $2,868.20 | $5,655.04 | $5,948.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$84,911
Closing costs & prepaids$20,010
Usable credit−$0
Total buyer cash needed$104,920
Earnest money paid−$0
Remaining funds due$104,920
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,875.45
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)$1,018.75
Initial HOA (3 months)$189.99
Prepaid interest, first (7 days)$389.17
Prepaid interest, second (7 days)$578.17
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 10 moOf the original 30-year loan at 5.41%
Interest already paid$87,520Through Dec 2026
Assumption only · ends Oct 2052$321,983
Assumption + second · ends Oct 2052, second Jan 2057$936,247
New conventional · ends Jan 2057$1,117,224