Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,443/mo
Lowest payment- Down payment
- $278,619
- Funds due
- $297,226
- Interest + MI left
- $348,139
- First ends
- Oct 2052
Assumption
Assumption + second
$4,889/mo
+$1,446/mo- Down payment
- $81,619
- Funds due
- $101,778
- Interest + MI left
- $671,525
- First ends
- Oct 2052
New loan
New conventional
$5,705/mo
+$2,262/mo- Down payment
- $81,619
- Funds due
- $96,508
- Interest + MI left
- $1,072,324
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $536,381 | $536,381 | $733,381 |
| Second mortgage | — | $197,000 | — |
| First P&I | $2,853.29 | $2,853.29 | $4,968.18 |
| Second P&I | — | $1,445.52 | — |
| Mortgage insurance | — | — | $146.68 |
| Taxes, insurance & HOA | $590.00 | $590.00 | $590.00 |
| Total housing payment | $3,443.29 | $4,888.80 | $5,704.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$81,619
Closing costs & prepaids$20,159
Usable credit−$0
Total buyer cash needed$101,778
Earnest money paid−$0
Remaining funds due$101,778
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,681.91
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)$978.00
Initial HOA (3 months)$141.99
Prepaid interest, first (7 days)$437.19
Prepaid interest, second (7 days)$302.25
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 4.25%
Interest already paid$99,038Through Dec 2026
Assumption only · ends Oct 2052$348,139
Assumption + second · ends Oct 2052, second Jan 2057$671,525
New conventional · ends Jan 2057$1,072,324