Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,654/mo
Lowest payment- Down payment
- $119,471
- Funds due
- $137,622
- Interest + MI left
- $239,384
- First ends
- Apr 2052
Assumption
Assumption + second
$4,048/mo
+$394/mo- Down payment
- $70,471
- Funds due
- $89,980
- Interest + MI left
- $332,320
- First ends
- Apr 2052
New loan
New conventional
$5,344/mo
+$1,690/mo- Down payment
- $70,471
- Funds due
- $84,925
- Interest + MI left
- $919,013
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $579,529 | $579,529 | $628,529 |
| Second mortgage | — | $49,000 | — |
| First P&I | $2,693.79 | $2,693.79 | $4,257.87 |
| Second P&I | — | $394.27 | — |
| Mortgage insurance | — | — | $125.71 |
| Taxes, insurance & HOA | $960.25 | $960.25 | $960.25 |
| Total housing payment | $3,654.04 | $4,048.31 | $5,343.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$70,471
Closing costs & prepaids$19,510
Usable credit−$0
Total buyer cash needed$89,980
Earnest money paid−$0
Remaining funds due$89,980
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,897.65
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$838.75
Initial HOA (3 months)$1,542.00
Prepaid interest, first (9 days)$414.40
Prepaid interest, second (9 days)$108.74
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 2.9%
Interest already paid$83,193Through Dec 2026
Assumption only · ends Apr 2052$239,384
Assumption + second · ends Apr 2052, second Jan 2057$332,320
New conventional · ends Jan 2057$919,013