Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,766/mo
Lowest payment- Down payment
- $387,936
- Funds due
- $407,754
- Interest + MI left
- $439,609
- First ends
- Sep 2052
Assumption
Assumption + second
$5,901/mo
+$2,135/mo- Down payment
- $89,936
- Funds due
- $111,573
- Interest + MI left
- $910,176
- First ends
- Sep 2052
New loan
New conventional
$6,299/mo
+$2,532/mo- Down payment
- $89,936
- Funds due
- $106,284
- Interest + MI left
- $1,169,826
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $502,064 | $502,064 | $800,064 |
| Second mortgage | — | $298,000 | — |
| First P&I | $3,047.48 | $3,047.48 | $5,419.91 |
| Second P&I | — | $2,134.91 | — |
| Mortgage insurance | — | — | $160.01 |
| Taxes, insurance & HOA | $718.67 | $718.67 | $718.67 |
| Total housing payment | $3,766.15 | $5,901.06 | $6,298.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$89,936
Closing costs & prepaids$21,637
Usable credit−$0
Total buyer cash needed$111,573
Earnest money paid−$0
Remaining funds due$111,573
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,510.32
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)$1,068.00
Initial HOA (3 months)$438.00
Prepaid interest, first (9 days)$683.36
Prepaid interest, second (9 days)$569.47
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 9 moOf the original 30-year loan at 5.52%
Interest already paid$121,941Through Dec 2026
Assumption only · ends Sep 2052$439,609
Assumption + second · ends Sep 2052, second Jan 2057$910,176
New conventional · ends Jan 2057$1,169,826