Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,829/mo
Lowest payment- Down payment
- $161,897
- Funds due
- $185,048
- Interest + MI left
- $652,737
- First ends
- Aug 2052
Assumption
Assumption + second
$6,279/mo
+$451/mo- Down payment
- $105,897
- Funds due
- $130,312
- Interest + MI left
- $758,949
- First ends
- Aug 2052
New loan
New conventional
$7,568/mo
+$1,739/mo- Down payment
- $105,897
- Funds due
- $122,831
- Interest + MI left
- $1,431,796
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $888,103 | $888,103 | $944,103 |
| Second mortgage | — | $56,000 | — |
| First P&I | $4,986.54 | $4,986.54 | $6,536.78 |
| Second P&I | — | $450.59 | — |
| Mortgage insurance | — | — | $188.82 |
| Taxes, insurance & HOA | $842.09 | $842.09 | $842.09 |
| Total housing payment | $5,828.62 | $6,279.21 | $7,567.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$105,897
Closing costs & prepaids$24,414
Usable credit−$0
Total buyer cash needed$130,312
Earnest money paid−$0
Remaining funds due$130,312
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%)$4,440.51
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)$115.57
Prepaid interest, second (1 days)$13.81
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 4.750%
Interest already paid$186,495Through Nov 2026
Assumption only · ends Aug 2052$652,737
Assumption + second · ends Aug 2052, second Dec 2056$758,949
New conventional · ends Dec 2056$1,431,796