Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,875/mo
Lowest payment- Down payment
- $654,726
- Funds due
- $676,973
- Interest + MI left
- $411,000
- First ends
- Sep 2052
Assumption
Assumption + second
$7,780/mo
+$3,904/mo- Down payment
- $109,726
- Funds due
- $133,454
- Interest + MI left
- $1,271,601
- First ends
- Sep 2052
New loan
New conventional
$8,148/mo
+$4,273/mo- Down payment
- $109,726
- Funds due
- $128,141
- Interest + MI left
- $1,494,234
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $440,274 | $440,274 | $985,274 |
| Second mortgage | — | $545,000 | — |
| First P&I | $2,746.05 | $2,746.05 | $6,821.84 |
| Second P&I | — | $3,904.45 | — |
| Mortgage insurance | — | — | $197.05 |
| Taxes, insurance & HOA | $1,129.17 | $1,129.17 | $1,129.17 |
| Total housing payment | $3,875.21 | $7,779.66 | $8,148.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$109,726
Closing costs & prepaids$23,728
Usable credit−$0
Total buyer cash needed$133,454
Earnest money paid−$0
Remaining funds due$133,454
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$10,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,201.37
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)$2,737.50
Prepaid interest, first (2 days)$140.16
Prepaid interest, second (2 days)$231.44
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 10 moOf the original 30-year loan at 5.810%
Interest already paid$110,077Through Nov 2026
Assumption only · ends Sep 2052$411,000
Assumption + second · ends Sep 2052, second Dec 2056$1,271,601
New conventional · ends Dec 2056$1,494,234