Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$975/mo
Lowest payment- Down payment
- $811,384
- Funds due
- $828,106
- Interest + MI left
- $27,877
- First ends
- Oct 2052
Assumption
Assumption + second
$6,154/mo
+$5,180/mo- Down payment
- $88,384
- Funds due
- $107,738
- Interest + MI left
- $1,169,555
- First ends
- Oct 2052
New loan
New conventional
$6,166/mo
+$5,191/mo- Down payment
- $88,384
- Funds due
- $104,457
- Interest + MI left
- $1,150,155
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $63,611 | $63,611 | $786,611 |
| Second mortgage | — | $723,000 | — |
| First P&I | $295.12 | $295.12 | $5,328.78 |
| Second P&I | — | $5,179.66 | — |
| Mortgage insurance | — | — | $157.32 |
| Taxes, insurance & HOA | $679.67 | $679.67 | $679.67 |
| Total housing payment | $974.79 | $6,154.45 | $6,165.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$88,384
Closing costs & prepaids$19,354
Usable credit−$0
Total buyer cash needed$107,738
Earnest money paid−$0
Remaining funds due$107,738
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,749.95
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$318.05
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)$1,050.00
Initial HOA (3 months)$339.00
Prepaid interest, first (9 days)$47.05
Prepaid interest, second (9 days)$1,381.62
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 10 moOf the original 30-year loan at 3%
Interest already paid$8,367Through Dec 2026
Assumption only · ends Oct 2052$27,877
Assumption + second · ends Oct 2052, second Jan 2057$1,169,555
New conventional · ends Jan 2057$1,150,155