Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,190/mo
Lowest payment- Down payment
- $168,083
- Funds due
- $189,691
- Interest + MI left
- $532,575
- First ends
- Dec 2052
Assumption
Assumption + second
$5,842/mo
+$652/mo- Down payment
- $87,083
- Funds due
- $109,961
- Interest + MI left
- $686,202
- First ends
- Dec 2052
New loan
New conventional
$6,823/mo
+$1,633/mo- Down payment
- $87,083
- Funds due
- $103,584
- Interest + MI left
- $1,187,346
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $701,917 | $701,917 | $782,917 |
| Second mortgage | — | $81,000 | — |
| First P&I | $3,944.06 | $3,944.06 | $5,420.76 |
| Second P&I | — | $651.74 | — |
| Mortgage insurance | — | — | $156.58 |
| Taxes, insurance & HOA | $1,246.00 | $1,246.00 | $1,246.00 |
| Total housing payment | $5,190.06 | $5,841.81 | $6,823.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$87,083
Closing costs & prepaids$22,878
Usable credit−$0
Total buyer cash needed$109,961
Earnest money paid−$0
Remaining funds due$109,961
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,700.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,509.58
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)$2,575.00
Initial HOA (3 months)$513.00
Prepaid interest, first (1 days)$92.69
Prepaid interest, second (1 days)$19.97
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 closing26 yr 1 moOf the original 30-year loan at 4.820%
Interest already paid$137,288Through Nov 2026
Assumption only · ends Dec 2052$532,575
Assumption + second · ends Dec 2052, second Dec 2056$686,202
New conventional · ends Dec 2056$1,187,346