Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,705/mo
Lowest payment- Down payment
- $750,843
- Funds due
- $771,117
- Interest + MI left
- $306,105
- First ends
- Sep 2052
Assumption
Assumption + second
$7,304/mo
+$4,599/mo- Down payment
- $108,843
- Funds due
- $131,185
- Interest + MI left
- $1,319,877
- First ends
- Sep 2052
New loan
New conventional
$7,422/mo
+$4,717/mo- Down payment
- $108,843
- Funds due
- $126,422
- Interest + MI left
- $1,419,992
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $329,157 | $329,157 | $971,157 |
| Second mortgage | — | $642,000 | — |
| First P&I | $2,055.87 | $2,055.87 | $6,578.96 |
| Second P&I | — | $4,599.37 | — |
| Mortgage insurance | — | — | $194.23 |
| Taxes, insurance & HOA | $648.67 | $648.67 | $648.67 |
| Total housing payment | $2,704.53 | $7,303.90 | $7,421.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$108,843
Closing costs & prepaids$22,342
Usable credit−$0
Total buyer cash needed$131,185
Earnest money paid−$0
Remaining funds due$131,185
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$10,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,645.79
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)$1,296.00
Prepaid interest, first (6 days)$314.37
Prepaid interest, second (6 days)$817.89
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 5.81%
Interest already paid$84,006Through Dec 2026
Assumption only · ends Sep 2052$306,105
Assumption + second · ends Sep 2052, second Jan 2057$1,319,877
New conventional · ends Jan 2057$1,419,992