Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,662/mo
Lowest payment- Down payment
- $217,666
- Funds due
- $238,390
- Interest + MI left
- $542,679
- First ends
- Sep 2052
Assumption
Assumption + second
$5,587/mo
+$925/mo- Down payment
- $91,666
- Funds due
- $113,806
- Interest + MI left
- $749,515
- First ends
- Sep 2052
New loan
New conventional
$6,392/mo
+$1,729/mo- Down payment
- $91,666
- Funds due
- $107,594
- Interest + MI left
- $1,203,850
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $697,334 | $697,334 | $823,334 |
| Second mortgage | — | $126,000 | — |
| First P&I | $4,012.99 | $4,012.99 | $5,577.55 |
| Second P&I | — | $924.54 | — |
| Mortgage insurance | — | — | $164.67 |
| Taxes, insurance & HOA | $649.34 | $649.34 | $649.34 |
| Total housing payment | $4,662.33 | $5,586.87 | $6,391.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$91,666
Closing costs & prepaids$22,140
Usable credit−$0
Total buyer cash needed$113,806
Earnest money paid−$0
Remaining funds due$113,806
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,486.67
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)$1,098.00
Initial HOA (3 months)$200.01
Prepaid interest, first (6 days)$572.01
Prepaid interest, second (6 days)$165.70
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 4.99%
Interest already paid$153,599Through Dec 2026
Assumption only · ends Sep 2052$542,679
Assumption + second · ends Sep 2052, second Jan 2057$749,515
New conventional · ends Jan 2057$1,203,850