Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,521/mo
Lowest payment- Down payment
- $404,990
- Funds due
- $429,252
- Interest + MI left
- $367,593
- First ends
- Apr 2052
Assumption
Assumption + second
$6,556/mo
+$2,035/mo- Down payment
- $120,990
- Funds due
- $147,045
- Interest + MI left
- $816,053
- First ends
- Apr 2052
New loan
New conventional
$8,222/mo
+$3,701/mo- Down payment
- $120,990
- Funds due
- $140,555
- Interest + MI left
- $1,577,691
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $795,010 | $795,010 | $1,079,010 |
| Second mortgage | — | $284,000 | — |
| First P&I | $3,824.35 | $3,824.35 | $7,309.59 |
| Second P&I | — | $2,034.61 | — |
| Mortgage insurance | — | — | $215.80 |
| Taxes, insurance & HOA | $696.67 | $696.67 | $696.67 |
| Total housing payment | $4,521.02 | $6,555.63 | $8,222.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$120,990
Closing costs & prepaids$26,055
Usable credit−$0
Total buyer cash needed$147,045
Earnest money paid−$0
Remaining funds due$147,045
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$12,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,975.05
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)$1,440.00
Prepaid interest, first (9 days)$629.26
Prepaid interest, second (9 days)$542.71
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 4 moOf the original 30-year loan at 3.21%
Interest already paid$125,980Through Dec 2026
Assumption only · ends Apr 2052$367,593
Assumption + second · ends Apr 2052, second Jan 2057$816,053
New conventional · ends Jan 2057$1,577,691