Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,990/mo
Lowest payment- Down payment
- $908,881
- Funds due
- $931,964
- Interest + MI left
- $295,109
- First ends
- Aug 2052
Assumption
Assumption + second
$8,593/mo
+$5,602/mo- Down payment
- $126,881
- Funds due
- $152,708
- Interest + MI left
- $1,529,953
- First ends
- Aug 2052
New loan
New conventional
$8,809/mo
+$5,818/mo- Down payment
- $126,881
- Funds due
- $147,677
- Interest + MI left
- $1,662,217
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $354,819 | $354,819 | $1,136,819 |
| Second mortgage | — | $782,000 | — |
| First P&I | $2,110.16 | $2,110.16 | $7,701.21 |
| Second P&I | — | $5,602.34 | — |
| Mortgage insurance | — | — | $227.36 |
| Taxes, insurance & HOA | $880.17 | $880.17 | $880.17 |
| Total housing payment | $2,990.32 | $8,592.67 | $8,808.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$126,881
Closing costs & prepaids$25,828
Usable credit−$0
Total buyer cash needed$152,708
Earnest money paid−$0
Remaining funds due$152,708
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$12,637.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,774.10
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)$1,516.50
Initial HOA (3 months)$474.00
Prepaid interest, first (9 days)$463.70
Prepaid interest, second (9 days)$1,494.37
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 closing25 yr 8 moOf the original 30-year loan at 5.3%
Interest already paid$84,548Through Dec 2026
Assumption only · ends Aug 2052$295,109
Assumption + second · ends Aug 2052, second Jan 2057$1,529,953
New conventional · ends Jan 2057$1,662,217