Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,953/mo
Lowest payment- Down payment
- $948,032
- Funds due
- $974,792
- Interest + MI left
- $367,297
- First ends
- Jun 2052
Assumption
Assumption + second
$9,642/mo
+$5,688/mo- Down payment
- $154,032
- Funds due
- $183,053
- Interest + MI left
- $1,621,090
- First ends
- Jun 2052
New loan
New conventional
$10,466/mo
+$6,513/mo- Down payment
- $154,032
- Funds due
- $176,751
- Interest + MI left
- $2,019,204
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $586,968 | $586,968 | $1,380,968 |
| Second mortgage | — | $794,000 | — |
| First P&I | $3,118.51 | $3,118.51 | $9,355.16 |
| Second P&I | — | $5,688.31 | — |
| Mortgage insurance | — | — | $276.19 |
| Taxes, insurance & HOA | $834.84 | $834.84 | $834.84 |
| Total housing payment | $3,953.35 | $9,641.66 | $10,466.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$154,032
Closing costs & prepaids$29,021
Usable credit−$0
Total buyer cash needed$183,053
Earnest money paid−$0
Remaining funds due$183,053
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$15,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,934.84
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)$1,842.00
Initial HOA (3 months)$12.51
Prepaid interest, first (6 days)$402.35
Prepaid interest, second (6 days)$1,011.53
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 6 moOf the original 30-year loan at 4.17%
Interest already paid$115,368Through Dec 2026
Assumption only · ends Jun 2052$367,297
Assumption + second · ends Jun 2052, second Jan 2057$1,621,090
New conventional · ends Jan 2057$2,019,204