Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,565/mo
Lowest payment- Down payment
- $418,730
- Funds due
- $444,299
- Interest + MI left
- $650,718
- First ends
- Aug 2052
Assumption
Assumption + second
$7,657/mo
+$2,092/mo- Down payment
- $126,730
- Funds due
- $154,107
- Interest + MI left
- $1,111,810
- First ends
- Aug 2052
New loan
New conventional
$8,624/mo
+$3,060/mo- Down payment
- $126,730
- Funds due
- $147,006
- Interest + MI left
- $1,657,028
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $841,270 | $841,270 | $1,133,270 |
| Second mortgage | — | $292,000 | — |
| First P&I | $4,844.12 | $4,844.12 | $7,677.17 |
| Second P&I | — | $2,091.92 | — |
| Mortgage insurance | — | — | $226.65 |
| Taxes, insurance & HOA | $720.67 | $720.67 | $720.67 |
| Total housing payment | $5,564.78 | $7,656.71 | $8,624.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$126,730
Closing costs & prepaids$27,377
Usable credit−$0
Total buyer cash needed$154,107
Earnest money paid−$0
Remaining funds due$154,107
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$12,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,206.35
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)$1,512.00
Prepaid interest, first (9 days)$1,033.03
Prepaid interest, second (9 days)$558.00
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 8 moOf the original 30-year loan at 4.98%
Interest already paid$188,736Through Dec 2026
Assumption only · ends Aug 2052$650,718
Assumption + second · ends Aug 2052, second Jan 2057$1,111,810
New conventional · ends Jan 2057$1,657,028