Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,927/mo
Lowest payment- Down payment
- $223,198
- Funds due
- $241,766
- Interest + MI left
- $488,508
- First ends
- Oct 2052
Assumption
Assumption + second
$4,991/mo
+$1,064/mo- Down payment
- $78,198
- Funds due
- $98,302
- Interest + MI left
- $726,533
- First ends
- Oct 2052
New loan
New conventional
$5,446/mo
+$1,519/mo- Down payment
- $78,198
- Funds due
- $92,896
- Interest + MI left
- $1,024,688
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $555,802 | $555,802 | $700,802 |
| Second mortgage | — | $145,000 | — |
| First P&I | $3,368.74 | $3,368.74 | $4,747.48 |
| Second P&I | — | $1,063.96 | — |
| Mortgage insurance | — | — | $140.16 |
| Taxes, insurance & HOA | $558.25 | $558.25 | $558.25 |
| Total housing payment | $3,926.99 | $4,990.95 | $5,445.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$78,198
Closing costs & prepaids$20,104
Usable credit−$0
Total buyer cash needed$98,302
Earnest money paid−$0
Remaining funds due$98,302
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,790.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,779.01
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)$934.75
Initial HOA (3 months)$90.00
Prepaid interest, first (9 days)$756.50
Prepaid interest, second (9 days)$286.03
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 5.52%
Interest already paid$132,240Through Dec 2026
Assumption only · ends Oct 2052$488,508
Assumption + second · ends Oct 2052, second Jan 2057$726,533
New conventional · ends Jan 2057$1,024,688