Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,661/mo
Lowest payment- Down payment
- $370,872
- Funds due
- $397,489
- Interest + MI left
- $529,195
- First ends
- Jun 2052
Assumption
Assumption + second
$7,366/mo
+$1,705/mo- Down payment
- $132,872
- Funds due
- $161,042
- Interest + MI left
- $905,018
- First ends
- Jun 2052
New loan
New conventional
$9,128/mo
+$3,467/mo- Down payment
- $132,872
- Funds due
- $153,415
- Interest + MI left
- $1,743,088
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $954,128 | $954,128 | $1,192,128 |
| Second mortgage | — | $238,000 | — |
| First P&I | $4,847.46 | $4,847.46 | $8,075.89 |
| Second P&I | — | $1,705.06 | — |
| Mortgage insurance | — | — | $238.43 |
| Taxes, insurance & HOA | $813.34 | $813.34 | $813.34 |
| Total housing payment | $5,660.80 | $7,365.86 | $9,127.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$132,872
Closing costs & prepaids$28,170
Usable credit−$0
Total buyer cash needed$161,042
Earnest money paid−$0
Remaining funds due$161,042
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$13,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,770.64
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)$1,590.00
Initial HOA (3 months)$200.01
Prepaid interest, first (6 days)$588.16
Prepaid interest, second (6 days)$303.21
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 6 moOf the original 30-year loan at 3.75%
Interest already paid$169,184Through Dec 2026
Assumption only · ends Jun 2052$529,195
Assumption + second · ends Jun 2052, second Jan 2057$905,018
New conventional · ends Jan 2057$1,743,088