Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,333/mo
Lowest payment- Down payment
- $593,134
- Funds due
- $619,492
- Interest + MI left
- $601,873
- First ends
- Aug 2052
Assumption
Assumption + second
$8,614/mo
+$3,281/mo- Down payment
- $135,134
- Funds due
- $163,422
- Interest + MI left
- $1,325,093
- First ends
- Aug 2052
New loan
New conventional
$9,395/mo
+$4,061/mo- Down payment
- $135,134
- Funds due
- $156,496
- Interest + MI left
- $1,776,335
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $756,866 | $756,866 | $1,214,866 |
| Second mortgage | — | $458,000 | — |
| First P&I | $4,411.49 | $4,411.49 | $8,229.93 |
| Second P&I | — | $3,281.17 | — |
| Mortgage insurance | — | — | $242.97 |
| Taxes, insurance & HOA | $921.67 | $921.67 | $921.67 |
| Total housing payment | $5,333.16 | $8,614.32 | $9,394.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$135,134
Closing costs & prepaids$28,288
Usable credit−$0
Total buyer cash needed$163,422
Earnest money paid−$0
Remaining funds due$163,422
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$13,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,784.33
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)$1,620.00
Initial HOA (3 months)$495.00
Prepaid interest, first (7 days)$740.28
Prepaid interest, second (7 days)$680.73
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 8 moOf the original 30-year loan at 5.1%
Interest already paid$173,759Through Dec 2026
Assumption only · ends Aug 2052$601,873
Assumption + second · ends Aug 2052, second Jan 2057$1,325,093
New conventional · ends Jan 2057$1,776,335