Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,375/mo
Lowest payment- Down payment
- $748,769
- Funds due
- $766,312
- Interest + MI left
- $62,377
- First ends
- Apr 2052
Assumption
Assumption + second
$6,075/mo
+$4,700/mo- Down payment
- $92,769
- Funds due
- $112,398
- Interest + MI left
- $1,098,256
- First ends
- Apr 2052
New loan
New conventional
$6,395/mo
+$5,019/mo- Down payment
- $92,769
- Funds due
- $108,620
- Interest + MI left
- $1,216,859
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $176,231 | $176,231 | $832,231 |
| Second mortgage | — | $656,000 | — |
| First P&I | $784.90 | $784.90 | $5,637.82 |
| Second P&I | — | $4,699.66 | — |
| Mortgage insurance | — | — | $166.45 |
| Taxes, insurance & HOA | $590.42 | $590.42 | $590.42 |
| Total housing payment | $1,375.31 | $6,074.98 | $6,394.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$92,769
Closing costs & prepaids$19,629
Usable credit−$0
Total buyer cash needed$112,398
Earnest money paid−$0
Remaining funds due$112,398
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$881.16
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)$1,110.00
Initial HOA (3 months)$11.25
Prepaid interest, first (6 days)$73.00
Prepaid interest, second (6 days)$835.73
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 4 moOf the original 30-year loan at 2.52%
Interest already paid$22,060Through Dec 2026
Assumption only · ends Apr 2052$62,377
Assumption + second · ends Apr 2052, second Jan 2057$1,098,256
New conventional · ends Jan 2057$1,216,859