Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,660/mo
Lowest payment- Down payment
- $493,080
- Funds due
- $515,592
- Interest + MI left
- $245,679
- First ends
- Jan 2052
Assumption
Assumption + second
$6,404/mo
+$2,744/mo- Down payment
- $110,080
- Funds due
- $134,574
- Interest + MI left
- $850,468
- First ends
- Jan 2052
New loan
New conventional
$7,728/mo
+$4,068/mo- Down payment
- $110,080
- Funds due
- $128,989
- Interest + MI left
- $1,445,965
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $605,920 | $605,920 | $988,920 |
| Second mortgage | — | $383,000 | — |
| First P&I | $2,829.23 | $2,829.23 | $6,699.29 |
| Second P&I | — | $2,743.86 | — |
| Mortgage insurance | — | — | $197.78 |
| Taxes, insurance & HOA | $831.25 | $831.25 | $831.25 |
| Total housing payment | $3,660.48 | $6,404.34 | $7,728.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$110,080
Closing costs & prepaids$24,494
Usable credit−$0
Total buyer cash needed$134,574
Earnest money paid−$0
Remaining funds due$134,574
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$10,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,029.60
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)$1,318.75
Initial HOA (3 months)$525.00
Prepaid interest, first (9 days)$430.29
Prepaid interest, second (9 days)$731.90
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 1 moOf the original 30-year loan at 2.88%
Interest already paid$91,365Through Dec 2026
Assumption only · ends Jan 2052$245,679
Assumption + second · ends Jan 2052, second Jan 2057$850,468
New conventional · ends Jan 2057$1,445,965