Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,090/mo
Lowest payment- Down payment
- $235,487
- Funds due
- $254,382
- Interest + MI left
- $493,414
- First ends
- Sep 2052
Assumption
Assumption + second
$5,227/mo
+$1,137/mo- Down payment
- $80,487
- Funds due
- $100,836
- Interest + MI left
- $747,854
- First ends
- Sep 2052
New loan
New conventional
$5,680/mo
+$1,591/mo- Down payment
- $80,487
- Funds due
- $95,303
- Interest + MI left
- $1,050,585
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $563,513 | $563,513 | $718,513 |
| Second mortgage | — | $155,000 | — |
| First P&I | $3,420.48 | $3,420.48 | $4,867.46 |
| Second P&I | — | $1,137.34 | — |
| Mortgage insurance | — | — | $143.70 |
| Taxes, insurance & HOA | $669.25 | $669.25 | $669.25 |
| Total housing payment | $4,089.73 | $5,227.06 | $5,680.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$80,487
Closing costs & prepaids$20,348
Usable credit−$0
Total buyer cash needed$100,836
Earnest money paid−$0
Remaining funds due$100,836
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,817.56
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)$958.75
Initial HOA (3 months)$399.00
Prepaid interest, first (6 days)$511.33
Prepaid interest, second (6 days)$203.84
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 5.52%
Interest already paid$136,866Through Dec 2026
Assumption only · ends Sep 2052$493,414
Assumption + second · ends Sep 2052, second Jan 2057$747,854
New conventional · ends Jan 2057$1,050,585