Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,787/mo
Lowest payment- Down payment
- $447,655
- Funds due
- $469,672
- Interest + MI left
- $319,196
- First ends
- May 2052
Assumption
Assumption + second
$6,222/mo
+$2,436/mo- Down payment
- $107,655
- Funds due
- $131,572
- Interest + MI left
- $856,084
- First ends
- May 2052
New loan
New conventional
$7,411/mo
+$3,625/mo- Down payment
- $107,655
- Funds due
- $125,856
- Interest + MI left
- $1,407,108
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $622,345 | $622,345 | $962,345 |
| Second mortgage | — | $340,000 | — |
| First P&I | $3,087.02 | $3,087.02 | $6,519.26 |
| Second P&I | — | $2,435.80 | — |
| Mortgage insurance | — | — | $192.47 |
| Taxes, insurance & HOA | $699.67 | $699.67 | $699.67 |
| Total housing payment | $3,786.69 | $6,222.49 | $7,411.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$107,655
Closing costs & prepaids$23,917
Usable credit−$0
Total buyer cash needed$131,572
Earnest money paid−$0
Remaining funds due$131,572
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$10,700.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,111.73
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)$1,284.00
Initial HOA (3 months)$165.00
Prepaid interest, first (9 days)$538.63
Prepaid interest, second (9 days)$649.73
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 5 moOf the original 30-year loan at 3.51%
Interest already paid$105,521Through Dec 2026
Assumption only · ends May 2052$319,196
Assumption + second · ends May 2052, second Jan 2057$856,084
New conventional · ends Jan 2057$1,407,108