Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$7,327/mo
Lowest payment- Down payment
- $122,548
- Funds due
- $149,614
- Interest + MI left
- $925,245
- First ends
- Aug 2052
Assumption
Assumption + second
$7,938/mo
+$611/mo- Down payment
- $62,548
- Funds due
- $91,039
- Interest + MI left
- $1,085,349
- First ends
- Aug 2052
New loan
New conventional
$8,888/mo
+$1,561/mo- Down payment
- $62,548
- Funds due
- $83,255
- Interest + MI left
- $1,720,650
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $1,112,452 | $1,112,452 | $1,172,452 |
| Second mortgage | — | $60,000 | — |
| First P&I | $6,615.90 | $6,615.90 | $7,942.60 |
| Second P&I | — | $611.40 | — |
| Mortgage insurance | — | — | $234.49 |
| Taxes, insurance & HOA | $710.67 | $710.67 | $710.67 |
| Total housing payment | $7,326.57 | $7,937.97 | $8,887.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,548
Closing costs & prepaids$28,492
Usable credit−$0
Total buyer cash needed$91,039
Earnest money paid−$0
Remaining funds due$91,039
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$12,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$5,562.26
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)$1,482.00
Prepaid interest, first (9 days)$1,453.81
Prepaid interest, second (9 days)$175.68
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$265,079Through Dec 2026
Assumption only · ends Aug 2052$925,245
Assumption + second · ends Aug 2052, second Jan 2057$1,085,349
New conventional · ends Jan 2057$1,720,650