Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,062/mo
Lowest payment- Down payment
- $239,388
- Funds due
- $264,902
- Interest + MI left
- $670,298
- First ends
- Jul 2052
Assumption
Assumption + second
$6,957/mo
+$895/mo- Down payment
- $117,388
- Funds due
- $144,393
- Interest + MI left
- $870,568
- First ends
- Jul 2052
New loan
New conventional
$8,170/mo
+$2,108/mo- Down payment
- $117,388
- Funds due
- $137,085
- Interest + MI left
- $1,531,782
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $925,612 | $925,612 | $1,047,612 |
| Second mortgage | — | $122,000 | — |
| First P&I | $5,198.41 | $5,198.41 | $7,096.89 |
| Second P&I | — | $895.19 | — |
| Mortgage insurance | — | — | $209.52 |
| Taxes, insurance & HOA | $863.67 | $863.67 | $863.67 |
| Total housing payment | $6,062.07 | $6,957.27 | $8,170.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$117,388
Closing costs & prepaids$27,005
Usable credit−$0
Total buyer cash needed$144,393
Earnest money paid−$0
Remaining funds due$144,393
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$11,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,628.06
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)$1,398.00
Initial HOA (3 months)$543.00
Prepaid interest, first (9 days)$1,077.26
Prepaid interest, second (9 days)$240.66
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 7 moOf the original 30-year loan at 4.72%
Interest already paid$201,128Through Dec 2026
Assumption only · ends Jul 2052$670,298
Assumption + second · ends Jul 2052, second Jan 2057$870,568
New conventional · ends Jan 2057$1,531,782