Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,417/mo
Lowest payment- Down payment
- $294,128
- Funds due
- $319,673
- Interest + MI left
- $354,359
- First ends
- Apr 2052
Assumption
Assumption + second
$6,804/mo
+$1,387/mo- Down payment
- $105,128
- Funds due
- $132,171
- Interest + MI left
- $664,613
- First ends
- Apr 2052
New loan
New conventional
$8,355/mo
+$2,938/mo- Down payment
- $105,128
- Funds due
- $125,761
- Interest + MI left
- $1,381,559
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $755,872 | $755,872 | $944,872 |
| Second mortgage | — | $189,000 | — |
| First P&I | $3,652.08 | $3,652.08 | $6,400.89 |
| Second P&I | — | $1,386.82 | — |
| Mortgage insurance | — | — | $188.97 |
| Taxes, insurance & HOA | $1,764.67 | $1,764.67 | $1,764.67 |
| Total housing payment | $5,416.74 | $6,803.56 | $8,354.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$105,128
Closing costs & prepaids$27,044
Usable credit−$0
Total buyer cash needed$132,171
Earnest money paid−$0
Remaining funds due$132,171
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$10,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,779.36
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)$1,260.00
Initial HOA (3 months)$3,384.00
Prepaid interest, first (6 days)$403.82
Prepaid interest, second (6 days)$248.55
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 3.25%
Interest already paid$121,229Through Dec 2026
Assumption only · ends Apr 2052$354,359
Assumption + second · ends Apr 2052, second Jan 2057$664,613
New conventional · ends Jan 2057$1,381,559