Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,598/mo
Lowest payment- Down payment
- $266,826
- Funds due
- $287,495
- Interest + MI left
- $481,826
- First ends
- Oct 2052
Assumption
Assumption + second
$5,926/mo
+$1,328/mo- Down payment
- $85,826
- Funds due
- $107,825
- Interest + MI left
- $778,947
- First ends
- Oct 2052
New loan
New conventional
$6,617/mo
+$2,019/mo- Down payment
- $85,826
- Funds due
- $102,072
- Interest + MI left
- $1,158,617
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $583,074 | $583,074 | $764,074 |
| Second mortgage | — | $181,000 | — |
| First P&I | $3,424.12 | $3,424.12 | $5,290.29 |
| Second P&I | — | $1,328.11 | — |
| Mortgage insurance | — | — | $152.81 |
| Taxes, insurance & HOA | $1,173.50 | $1,173.50 | $1,173.50 |
| Total housing payment | $4,597.62 | $5,925.73 | $6,616.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$85,826
Closing costs & prepaids$21,999
Usable credit−$0
Total buyer cash needed$107,825
Earnest money paid−$0
Remaining funds due$107,825
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,915.37
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)$2,836.75
Initial HOA (3 months)$33.75
Prepaid interest, first (2 days)$166.78
Prepaid interest, second (2 days)$79.34
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 5.220%
Interest already paid$128,682Through Nov 2026
Assumption only · ends Oct 2052$481,826
Assumption + second · ends Oct 2052, second Dec 2056$778,947
New conventional · ends Dec 2056$1,158,617