Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,583/mo
Lowest payment- Down payment
- $333,512
- Funds due
- $357,335
- Interest + MI left
- $354,555
- First ends
- Apr 2052
Assumption
Assumption + second
$6,166/mo
+$1,583/mo- Down payment
- $112,512
- Funds due
- $138,007
- Interest + MI left
- $703,533
- First ends
- Apr 2052
New loan
New conventional
$7,874/mo
+$3,292/mo- Down payment
- $112,512
- Funds due
- $131,642
- Interest + MI left
- $1,480,425
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $791,488 | $791,488 | $1,012,488 |
| Second mortgage | — | $221,000 | — |
| First P&I | $3,769.88 | $3,769.88 | $6,858.95 |
| Second P&I | — | $1,583.27 | — |
| Mortgage insurance | — | — | $202.50 |
| Taxes, insurance & HOA | $812.67 | $812.67 | $812.67 |
| Total housing payment | $4,582.55 | $6,165.82 | $7,874.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$112,512
Closing costs & prepaids$25,495
Usable credit−$0
Total buyer cash needed$138,007
Earnest money paid−$0
Remaining funds due$138,007
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$11,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,957.44
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)$1,350.00
Initial HOA (3 months)$438.00
Prepaid interest, first (9 days)$608.90
Prepaid interest, second (9 days)$422.32
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 3.12%
Interest already paid$122,001Through Dec 2026
Assumption only · ends Apr 2052$354,555
Assumption + second · ends Apr 2052, second Jan 2057$703,533
New conventional · ends Jan 2057$1,480,425