Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,371/mo
Lowest payment- Down payment
- $154,646
- Funds due
- $173,377
- Interest + MI left
- $506,429
- First ends
- Aug 2052
Assumption
Assumption + second
$4,990/mo
+$620/mo- Down payment
- $77,646
- Funds due
- $97,665
- Interest + MI left
- $652,470
- First ends
- Aug 2052
New loan
New conventional
$5,665/mo
+$1,294/mo- Down payment
- $77,646
- Funds due
- $91,845
- Interest + MI left
- $1,046,830
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $613,354 | $613,354 | $690,354 |
| Second mortgage | — | $77,000 | — |
| First P&I | $3,623.89 | $3,623.89 | $4,779.87 |
| Second P&I | — | $619.56 | — |
| Mortgage insurance | — | — | $138.07 |
| Taxes, insurance & HOA | $746.75 | $746.75 | $746.75 |
| Total housing payment | $4,370.64 | $4,990.20 | $5,664.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$77,646
Closing costs & prepaids$20,019
Usable credit−$0
Total buyer cash needed$97,665
Earnest money paid−$0
Remaining funds due$97,665
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,680.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,066.77
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)$1,215.25
Initial HOA (3 months)$375.00
Prepaid interest, first (2 days)$176.44
Prepaid interest, second (2 days)$37.97
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 5.250%
Interest already paid$141,913Through Nov 2026
Assumption only · ends Aug 2052$506,429
Assumption + second · ends Aug 2052, second Dec 2056$652,470
New conventional · ends Dec 2056$1,046,830