Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,523/mo
Lowest payment- Down payment
- $132,686
- Funds due
- $154,786
- Interest + MI left
- $657,894
- First ends
- Aug 2052
Assumption
Assumption + second
$5,812/mo
+$290/mo- Down payment
- $96,686
- Funds due
- $120,089
- Interest + MI left
- $726,173
- First ends
- Aug 2052
New loan
New conventional
$6,722/mo
+$1,199/mo- Down payment
- $96,686
- Funds due
- $113,215
- Interest + MI left
- $1,262,308
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $827,314 | $827,314 | $863,314 |
| Second mortgage | — | $36,000 | — |
| First P&I | $4,822.11 | $4,822.11 | $5,848.39 |
| Second P&I | — | $289.66 | — |
| Mortgage insurance | — | — | $172.66 |
| Taxes, insurance & HOA | $700.67 | $700.67 | $700.67 |
| Total housing payment | $5,522.77 | $5,812.44 | $6,721.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$96,686
Closing costs & prepaids$23,403
Usable credit−$0
Total buyer cash needed$120,089
Earnest money paid−$0
Remaining funds due$120,089
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,136.57
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)$1,152.00
Initial HOA (3 months)$300.00
Prepaid interest, first (6 days)$693.58
Prepaid interest, second (6 days)$53.26
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 8 moOf the original 30-year loan at 5.1%
Interest already paid$189,933Through Dec 2026
Assumption only · ends Aug 2052$657,894
Assumption + second · ends Aug 2052, second Jan 2057$726,173
New conventional · ends Jan 2057$1,262,308