Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,884/mo
Lowest payment- Down payment
- $388,556
- Funds due
- $407,454
- Interest + MI left
- $189,126
- First ends
- Jan 2052
Assumption
Assumption + second
$5,054/mo
+$2,171/mo- Down payment
- $85,556
- Funds due
- $106,283
- Interest + MI left
- $667,589
- First ends
- Jan 2052
New loan
New conventional
$6,072/mo
+$3,188/mo- Down payment
- $85,556
- Funds due
- $101,505
- Interest + MI left
- $1,125,054
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $466,444 | $466,444 | $769,444 |
| Second mortgage | — | $303,000 | — |
| First P&I | $2,177.97 | $2,177.97 | $5,212.48 |
| Second P&I | — | $2,170.73 | — |
| Mortgage insurance | — | — | $153.89 |
| Taxes, insurance & HOA | $705.67 | $705.67 | $705.67 |
| Total housing payment | $2,883.64 | $5,054.37 | $6,072.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$85,556
Closing costs & prepaids$20,727
Usable credit−$0
Total buyer cash needed$106,283
Earnest money paid−$0
Remaining funds due$106,283
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,550.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,332.22
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)$1,026.00
Initial HOA (3 months)$441.00
Prepaid interest, first (9 days)$331.24
Prepaid interest, second (9 days)$579.02
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 1 moOf the original 30-year loan at 2.88%
Interest already paid$70,334Through Dec 2026
Assumption only · ends Jan 2052$189,126
Assumption + second · ends Jan 2052, second Jan 2057$667,589
New conventional · ends Jan 2057$1,125,054