Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,347/mo
Lowest payment- Down payment
- $662,209
- Funds due
- $684,996
- Interest + MI left
- $269,045
- First ends
- Apr 2052
Assumption
Assumption + second
$7,230/mo
+$3,883/mo- Down payment
- $120,209
- Funds due
- $145,282
- Interest + MI left
- $1,124,908
- First ends
- Apr 2052
New loan
New conventional
$8,220/mo
+$4,873/mo- Down payment
- $120,209
- Funds due
- $139,771
- Interest + MI left
- $1,577,371
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $536,791 | $536,791 | $1,078,791 |
| Second mortgage | — | $542,000 | — |
| First P&I | $2,650.77 | $2,650.77 | $7,308.11 |
| Second P&I | — | $3,882.95 | — |
| Mortgage insurance | — | — | $215.76 |
| Taxes, insurance & HOA | $696.25 | $696.25 | $696.25 |
| Total housing payment | $3,347.02 | $7,229.98 | $8,220.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$120,209
Closing costs & prepaids$25,073
Usable credit−$0
Total buyer cash needed$145,282
Earnest money paid−$0
Remaining funds due$145,282
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$11,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,683.95
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)$1,438.75
Prepaid interest, first (9 days)$456.64
Prepaid interest, second (9 days)$1,035.74
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 3.45%
Interest already paid$91,234Through Dec 2026
Assumption only · ends Apr 2052$269,045
Assumption + second · ends Apr 2052, second Jan 2057$1,124,908
New conventional · ends Jan 2057$1,577,371