Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,958/mo
Lowest payment- Down payment
- $228,399
- Funds due
- $249,558
- Interest + MI left
- $583,202
- First ends
- Sep 2052
Assumption
Assumption + second
$5,912/mo
+$954/mo- Down payment
- $98,399
- Funds due
- $120,837
- Interest + MI left
- $796,604
- First ends
- Sep 2052
New loan
New conventional
$6,913/mo
+$1,955/mo- Down payment
- $98,399
- Funds due
- $114,123
- Interest + MI left
- $1,329,424
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $746,601 | $746,601 | $876,601 |
| Second mortgage | — | $130,000 | — |
| First P&I | $4,289.69 | $4,289.69 | $6,069.41 |
| Second P&I | — | $953.89 | — |
| Mortgage insurance | — | — | $175.32 |
| Taxes, insurance & HOA | $668.59 | $668.59 | $668.59 |
| Total housing payment | $4,958.27 | $5,912.17 | $6,913.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$98,399
Closing costs & prepaids$22,437
Usable credit−$0
Total buyer cash needed$120,837
Earnest money paid−$0
Remaining funds due$120,837
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,733.00
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)$1,155.75
Initial HOA (3 months)$200.01
Prepaid interest, first (1 days)$102.07
Prepaid interest, second (1 days)$28.49
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 4.990%
Interest already paid$161,085Through Nov 2026
Assumption only · ends Sep 2052$583,202
Assumption + second · ends Sep 2052, second Dec 2056$796,604
New conventional · ends Dec 2056$1,329,424