Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,028/mo
Lowest payment- Down payment
- $225,150
- Funds due
- $247,118
- Interest + MI left
- $589,291
- First ends
- Jul 2052
Assumption
Assumption + second
$5,967/mo
+$939/mo- Down payment
- $97,150
- Funds due
- $120,621
- Interest + MI left
- $799,410
- First ends
- Jul 2052
New loan
New conventional
$6,766/mo
+$1,738/mo- Down payment
- $97,150
- Funds due
- $114,243
- Interest + MI left
- $1,274,789
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $743,850 | $743,850 | $871,850 |
| Second mortgage | — | $128,000 | — |
| First P&I | $4,342.48 | $4,342.48 | $5,906.22 |
| Second P&I | — | $939.22 | — |
| Mortgage insurance | — | — | $174.37 |
| Taxes, insurance & HOA | $685.25 | $685.25 | $685.25 |
| Total housing payment | $5,027.73 | $5,966.95 | $6,765.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$97,150
Closing costs & prepaids$23,471
Usable credit−$0
Total buyer cash needed$120,621
Earnest money paid−$0
Remaining funds due$120,621
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,690.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,719.25
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)$1,162.75
Initial HOA (3 months)$243.00
Prepaid interest, first (9 days)$935.42
Prepaid interest, second (9 days)$252.49
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 5.1%
Interest already paid$174,208Through Dec 2026
Assumption only · ends Jul 2052$589,291
Assumption + second · ends Jul 2052, second Jan 2057$799,410
New conventional · ends Jan 2057$1,274,789