Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$7,258/mo
Lowest payment- Down payment
- $124,502
- Funds due
- $151,139
- Interest + MI left
- $742,612
- First ends
- Oct 2052
Assumption
Assumption + second
$7,992/mo
+$734/mo- Down payment
- $52,502
- Funds due
- $80,435
- Interest + MI left
- $934,738
- First ends
- Oct 2052
New loan
New conventional
$9,000/mo
+$1,742/mo- Down payment
- $52,502
- Funds due
- $73,339
- Interest + MI left
- $1,518,159
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $925,498 | $925,498 | $997,498 |
| Second mortgage | — | $72,000 | — |
| First P&I | $5,363.70 | $5,363.70 | $6,906.47 |
| Second P&I | — | $733.68 | — |
| Mortgage insurance | — | — | $199.50 |
| Taxes, insurance & HOA | $1,894.17 | $1,894.17 | $1,894.17 |
| Total housing payment | $7,257.86 | $7,991.55 | $9,000.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,502
Closing costs & prepaids$27,933
Usable credit−$0
Total buyer cash needed$80,435
Earnest money paid−$0
Remaining funds due$80,435
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%)$4,627.49
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)$3,676.50
Initial HOA (3 months)$1,356.00
Prepaid interest, first (2 days)$258.13
Prepaid interest, second (2 days)$46.85
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 11 moOf the original 30-year loan at 5.090%
Interest already paid$199,319Through Nov 2026
Assumption only · ends Oct 2052$742,612
Assumption + second · ends Oct 2052, second Dec 2056$934,738
New conventional · ends Dec 2056$1,518,159