Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,508/mo
Lowest payment- Down payment
- $271,909
- Funds due
- $291,574
- Interest + MI left
- $264,576
- First ends
- Feb 2052
Assumption
Assumption + second
$4,865/mo
+$1,357/mo- Down payment
- $86,909
- Funds due
- $108,189
- Interest + MI left
- $568,264
- First ends
- Feb 2052
New loan
New conventional
$6,109/mo
+$2,601/mo- Down payment
- $86,909
- Funds due
- $102,853
- Interest + MI left
- $1,143,546
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $597,091 | $597,091 | $782,091 |
| Second mortgage | — | $185,000 | — |
| First P&I | $2,853.20 | $2,853.20 | $5,298.16 |
| Second P&I | — | $1,357.46 | — |
| Mortgage insurance | — | — | $156.42 |
| Taxes, insurance & HOA | $654.58 | $654.58 | $654.58 |
| Total housing payment | $3,507.78 | $4,865.25 | $6,109.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$86,909
Closing costs & prepaids$21,280
Usable credit−$0
Total buyer cash needed$108,189
Earnest money paid−$0
Remaining funds due$108,189
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,690.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,985.46
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)$1,042.75
Initial HOA (3 months)$270.99
Prepaid interest, first (9 days)$457.88
Prepaid interest, second (9 days)$364.93
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 2 moOf the original 30-year loan at 3.11%
Interest already paid$95,254Through Dec 2026
Assumption only · ends Feb 2052$264,576
Assumption + second · ends Feb 2052, second Jan 2057$568,264
New conventional · ends Jan 2057$1,143,546