Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,139/mo
Lowest payment- Down payment
- $849,823
- Funds due
- $872,388
- Interest + MI left
- $349,521
- First ends
- Sep 2052
Assumption
Assumption + second
$8,326/mo
+$5,187/mo- Down payment
- $125,823
- Funds due
- $150,560
- Interest + MI left
- $1,492,777
- First ends
- Sep 2052
New loan
New conventional
$8,550/mo
+$5,410/mo- Down payment
- $125,823
- Funds due
- $145,304
- Interest + MI left
- $1,642,271
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $399,177 | $399,177 | $1,123,177 |
| Second mortgage | — | $724,000 | — |
| First P&I | $2,422.97 | $2,422.97 | $7,608.79 |
| Second P&I | — | $5,186.82 | — |
| Mortgage insurance | — | — | $224.64 |
| Taxes, insurance & HOA | $716.25 | $716.25 | $716.25 |
| Total housing payment | $3,139.22 | $8,326.04 | $8,549.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$125,823
Closing costs & prepaids$24,737
Usable credit−$0
Total buyer cash needed$150,560
Earnest money paid−$0
Remaining funds due$150,560
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$12,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,995.88
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)$1,498.75
Prepaid interest, first (6 days)$362.21
Prepaid interest, second (6 days)$922.36
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$96,952Through Dec 2026
Assumption only · ends Sep 2052$349,521
Assumption + second · ends Sep 2052, second Jan 2057$1,492,777
New conventional · ends Jan 2057$1,642,271