Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,465/mo
Lowest payment- Down payment
- $151,401
- Funds due
- $172,965
- Interest + MI left
- $732,361
- First ends
- Dec 2052
Assumption
Assumption + second
$5,956/mo
+$491/mo- Down payment
- $90,401
- Funds due
- $113,350
- Interest + MI left
- $848,056
- First ends
- Dec 2052
New loan
New conventional
$6,357/mo
+$892/mo- Down payment
- $90,401
- Funds due
- $106,856
- Interest + MI left
- $1,180,843
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $746,599 | $746,599 | $807,599 |
| Second mortgage | — | $61,000 | — |
| First P&I | $4,740.26 | $4,740.26 | $5,470.96 |
| Second P&I | — | $490.82 | — |
| Mortgage insurance | — | — | $161.52 |
| Taxes, insurance & HOA | $724.83 | $724.83 | $724.83 |
| Total housing payment | $5,465.09 | $5,955.91 | $6,357.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$90,401
Closing costs & prepaids$22,949
Usable credit−$0
Total buyer cash needed$113,350
Earnest money paid−$0
Remaining funds due$113,350
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,980.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,732.99
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)$1,077.50
Initial HOA (3 months)$447.00
Prepaid interest, first (9 days)$1,108.24
Prepaid interest, second (9 days)$135.37
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 closing26 yrOf the original 30-year loan at 6.02%
Interest already paid$185,189Through Dec 2026
Assumption only · ends Dec 2052$732,361
Assumption + second · ends Dec 2052, second Jan 2057$848,056
New conventional · ends Jan 2057$1,180,843