Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,453/mo
Lowest payment- Down payment
- $124,941
- Funds due
- $149,430
- Interest + MI left
- $819,222
- First ends
- Oct 2052
Assumption
Assumption + second
$7,176/mo
+$723/mo- Down payment
- $53,941
- Funds due
- $79,888
- Interest + MI left
- $1,008,678
- First ends
- Oct 2052
New loan
New conventional
$7,807/mo
+$1,354/mo- Down payment
- $53,941
- Funds due
- $72,938
- Interest + MI left
- $1,474,990
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $934,059 | $934,059 | $1,005,059 |
| Second mortgage | — | $71,000 | — |
| First P&I | $5,655.74 | $5,655.74 | $6,808.62 |
| Second P&I | — | $723.49 | — |
| Mortgage insurance | — | — | $201.01 |
| Taxes, insurance & HOA | $797.25 | $797.25 | $797.25 |
| Total housing payment | $6,452.99 | $7,176.49 | $7,806.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,941
Closing costs & prepaids$25,947
Usable credit−$0
Total buyer cash needed$79,888
Earnest money paid−$0
Remaining funds due$79,888
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$10,590.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,670.30
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)$1,270.75
Initial HOA (3 months)$471.00
Prepaid interest, first (9 days)$1,269.04
Prepaid interest, second (9 days)$207.89
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 5.51%
Interest already paid$221,847Through Dec 2026
Assumption only · ends Oct 2052$819,222
Assumption + second · ends Oct 2052, second Jan 2057$1,008,678
New conventional · ends Jan 2057$1,474,990