Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$7,014/mo
Lowest payment- Down payment
- $102,307
- Funds due
- $128,356
- Interest + MI left
- $853,468
- First ends
- Sep 2052
Assumption
Assumption + second
$7,442/mo
+$428/mo- Down payment
- $60,307
- Funds due
- $87,688
- Interest + MI left
- $965,541
- First ends
- Sep 2052
New loan
New conventional
$8,644/mo
+$1,630/mo- Down payment
- $60,307
- Funds due
- $79,920
- Interest + MI left
- $1,671,106
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $1,096,693 | $1,096,693 | $1,138,693 |
| Second mortgage | — | $42,000 | — |
| First P&I | $6,311.20 | $6,311.20 | $7,713.90 |
| Second P&I | — | $427.98 | — |
| Mortgage insurance | — | — | $227.74 |
| Taxes, insurance & HOA | $702.50 | $702.50 | $702.50 |
| Total housing payment | $7,013.70 | $7,441.68 | $8,644.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,307
Closing costs & prepaids$27,381
Usable credit−$0
Total buyer cash needed$87,688
Earnest money paid−$0
Remaining funds due$87,688
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$11,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$5,483.46
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)$1,438.75
Initial HOA (3 months)$18.75
Prepaid interest, first (6 days)$899.59
Prepaid interest, second (6 days)$81.99
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$241,564Through Dec 2026
Assumption only · ends Sep 2052$853,468
Assumption + second · ends Sep 2052, second Jan 2057$965,541
New conventional · ends Jan 2057$1,671,106