Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,584/mo
Lowest payment- Down payment
- $143,440
- Funds due
- $170,254
- Interest + MI left
- $661,718
- First ends
- Nov 2052
Assumption
Assumption + second
$7,409/mo
+$825/mo- Down payment
- $62,440
- Funds due
- $90,662
- Interest + MI left
- $877,858
- First ends
- Nov 2052
New loan
New conventional
$9,102/mo
+$2,519/mo- Down payment
- $62,440
- Funds due
- $83,000
- Interest + MI left
- $1,735,484
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $1,101,560 | $1,101,560 | $1,182,560 |
| Second mortgage | — | $81,000 | — |
| First P&I | $5,728.98 | $5,728.98 | $8,011.07 |
| Second P&I | — | $825.39 | — |
| Mortgage insurance | — | — | $236.51 |
| Taxes, insurance & HOA | $854.67 | $854.67 | $854.67 |
| Total housing payment | $6,583.65 | $7,409.04 | $9,102.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,440
Closing costs & prepaids$28,222
Usable credit−$0
Total buyer cash needed$90,662
Earnest money paid−$0
Remaining funds due$90,662
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$12,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$5,507.80
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)$1,494.00
Initial HOA (3 months)$420.00
Prepaid interest, first (6 days)$724.31
Prepaid interest, second (6 days)$158.12
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 11 moOf the original 30-year loan at 4%
Interest already paid$188,854Through Dec 2026
Assumption only · ends Nov 2052$661,718
Assumption + second · ends Nov 2052, second Jan 2057$877,858
New conventional · ends Jan 2057$1,735,484