Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,586/mo
Lowest payment- Down payment
- $415,192
- Funds due
- $431,903
- Interest + MI left
- $294,090
- First ends
- Dec 2052
Assumption
Assumption + second
$5,043/mo
+$2,457/mo- Down payment
- $72,192
- Funds due
- $90,808
- Interest + MI left
- $835,716
- First ends
- Dec 2052
New loan
New conventional
$5,166/mo
+$2,580/mo- Down payment
- $72,192
- Funds due
- $86,581
- Interest + MI left
- $939,892
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $299,808 | $299,808 | $642,808 |
| Second mortgage | — | $343,000 | — |
| First P&I | $1,903.52 | $1,903.52 | $4,354.61 |
| Second P&I | — | $2,457.29 | — |
| Mortgage insurance | — | — | $128.56 |
| Taxes, insurance & HOA | $682.67 | $682.67 | $682.67 |
| Total housing payment | $2,586.18 | $5,043.48 | $5,165.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$72,192
Closing costs & prepaids$18,616
Usable credit−$0
Total buyer cash needed$90,808
Earnest money paid−$0
Remaining funds due$90,808
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,499.04
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)$858.00
Initial HOA (3 months)$540.00
Prepaid interest, first (9 days)$445.03
Prepaid interest, second (9 days)$655.46
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 closing26 yrOf the original 30-year loan at 6.02%
Interest already paid$74,365Through Dec 2026
Assumption only · ends Dec 2052$294,090
Assumption + second · ends Dec 2052, second Jan 2057$835,716
New conventional · ends Jan 2057$939,892