Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,026/mo
Lowest payment- Down payment
- $158,243
- Funds due
- $181,421
- Interest + MI left
- $710,192
- First ends
- Aug 2052
Assumption
Assumption + second
$6,453/mo
+$426/mo- Down payment
- $105,243
- Funds due
- $129,684
- Interest + MI left
- $810,714
- First ends
- Aug 2052
New loan
New conventional
$7,572/mo
+$1,546/mo- Down payment
- $105,243
- Funds due
- $122,183
- Interest + MI left
- $1,432,788
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $891,757 | $891,757 | $944,757 |
| Second mortgage | — | $53,000 | — |
| First P&I | $5,184.30 | $5,184.30 | $6,541.31 |
| Second P&I | — | $426.45 | — |
| Mortgage insurance | — | — | $188.95 |
| Taxes, insurance & HOA | $842.09 | $842.09 | $842.09 |
| Total housing payment | $6,026.39 | $6,452.84 | $7,572.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$105,243
Closing costs & prepaids$24,440
Usable credit−$0
Total buyer cash needed$129,684
Earnest money paid−$0
Remaining funds due$129,684
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$10,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,458.78
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)$1,676.25
Initial HOA (3 months)$200.01
Prepaid interest, first (1 days)$124.36
Prepaid interest, second (1 days)$13.07
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 5.090%
Interest already paid$200,235Through Nov 2026
Assumption only · ends Aug 2052$710,192
Assumption + second · ends Aug 2052, second Dec 2056$810,714
New conventional · ends Dec 2056$1,432,788