Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,099/mo
Lowest payment- Down payment
- $332,470
- Funds due
- $345,831
- Interest + MI left
- $251,415
- First ends
- Dec 2052
Assumption
Assumption + second
$4,091/mo
+$1,992/mo- Down payment
- $54,470
- Funds due
- $69,140
- Interest + MI left
- $690,400
- First ends
- Dec 2052
New loan
New conventional
$4,103/mo
+$2,004/mo- Down payment
- $54,470
- Funds due
- $65,500
- Interest + MI left
- $740,719
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $210,418 | $210,418 | $488,418 |
| Second mortgage | — | $278,000 | — |
| First P&I | $1,475.50 | $1,475.50 | $3,381.71 |
| Second P&I | — | $1,991.63 | — |
| Mortgage insurance | — | — | $97.68 |
| Taxes, insurance & HOA | $623.92 | $623.92 | $623.92 |
| Total housing payment | $2,099.42 | $4,091.05 | $4,103.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,470
Closing costs & prepaids$14,671
Usable credit−$0
Total buyer cash needed$69,140
Earnest money paid−$0
Remaining funds due$69,140
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,428.88
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,052.09
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)$525.75
Initial HOA (3 months)$846.00
Prepaid interest, first (1 days)$40.82
Prepaid interest, second (1 days)$59.03
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing26 yr 1 moOf the original 30-year loan at 7.080%
Interest already paid$59,767Through Nov 2026
Assumption only · ends Dec 2052$251,415
Assumption + second · ends Dec 2052, second Dec 2056$690,400
New conventional · ends Dec 2056$740,719