Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,416/mo
Lowest payment- Down payment
- $133,563
- Funds due
- $154,190
- Interest + MI left
- $669,370
- First ends
- Sep 2052
Assumption
Assumption + second
$5,802/mo
+$386/mo- Down payment
- $85,563
- Funds due
- $107,451
- Interest + MI left
- $760,409
- First ends
- Sep 2052
New loan
New conventional
$6,410/mo
+$995/mo- Down payment
- $85,563
- Funds due
- $100,976
- Interest + MI left
- $1,166,903
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $721,437 | $721,437 | $769,437 |
| Second mortgage | — | $48,000 | — |
| First P&I | $4,486.47 | $4,486.47 | $5,327.43 |
| Second P&I | — | $386.22 | — |
| Mortgage insurance | — | — | $153.89 |
| Taxes, insurance & HOA | $929.17 | $929.17 | $929.17 |
| Total housing payment | $5,415.64 | $5,801.86 | $6,410.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$85,563
Closing costs & prepaids$21,889
Usable credit−$0
Total buyer cash needed$107,451
Earnest money paid−$0
Remaining funds due$107,451
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,550.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,607.19
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)$2,137.50
Prepaid interest, first (1 days)$114.24
Prepaid interest, second (1 days)$11.84
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 5.780%
Interest already paid$179,471Through Nov 2026
Assumption only · ends Sep 2052$669,370
Assumption + second · ends Sep 2052, second Dec 2056$760,409
New conventional · ends Dec 2056$1,166,903