Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,979/mo
Lowest payment- Down payment
- $212,439
- Funds due
- $232,950
- Interest + MI left
- $616,185
- First ends
- Sep 2052
Assumption
Assumption + second
$5,859/mo
+$881/mo- Down payment
- $92,439
- Funds due
- $114,227
- Interest + MI left
- $813,171
- First ends
- Sep 2052
New loan
New conventional
$6,585/mo
+$1,606/mo- Down payment
- $92,439
- Funds due
- $107,781
- Interest + MI left
- $1,247,305
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $702,561 | $702,561 | $822,561 |
| Second mortgage | — | $120,000 | — |
| First P&I | $4,254.02 | $4,254.02 | $5,695.25 |
| Second P&I | — | $880.52 | — |
| Mortgage insurance | — | — | $164.51 |
| Taxes, insurance & HOA | $724.84 | $724.84 | $724.84 |
| Total housing payment | $4,978.85 | $5,859.37 | $6,584.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$92,439
Closing costs & prepaids$21,788
Usable credit−$0
Total buyer cash needed$114,227
Earnest money paid−$0
Remaining funds due$114,227
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,512.80
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)$1,324.50
Initial HOA (3 months)$200.01
Prepaid interest, first (1 days)$106.06
Prepaid interest, second (1 days)$26.30
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 10 moOf the original 30-year loan at 5.510%
Interest already paid$166,864Through Nov 2026
Assumption only · ends Sep 2052$616,185
Assumption + second · ends Sep 2052, second Dec 2056$813,171
New conventional · ends Dec 2056$1,247,305