Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,125/mo
Lowest payment- Down payment
- $372,697
- Funds due
- $396,263
- Interest + MI left
- $598,638
- First ends
- Jul 2052
Assumption
Assumption + second
$7,002/mo
+$1,877/mo- Down payment
- $110,697
- Funds due
- $136,014
- Interest + MI left
- $1,012,358
- First ends
- Jul 2052
New loan
New conventional
$7,705/mo
+$2,581/mo- Down payment
- $110,697
- Funds due
- $129,534
- Interest + MI left
- $1,446,525
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $727,303 | $727,303 | $989,303 |
| Second mortgage | — | $262,000 | — |
| First P&I | $4,319.03 | $4,319.03 | $6,701.88 |
| Second P&I | — | $1,877.00 | — |
| Mortgage insurance | — | — | $197.86 |
| Taxes, insurance & HOA | $805.67 | $805.67 | $805.67 |
| Total housing payment | $5,124.69 | $7,001.69 | $7,705.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$110,697
Closing costs & prepaids$25,317
Usable credit−$0
Total buyer cash needed$136,014
Earnest money paid−$0
Remaining funds due$136,014
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$11,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,636.52
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)$1,320.00
Initial HOA (3 months)$447.00
Prepaid interest, first (9 days)$945.10
Prepaid interest, second (9 days)$500.67
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 5.27%
Interest already paid$175,820Through Dec 2026
Assumption only · ends Jul 2052$598,638
Assumption + second · ends Jul 2052, second Jan 2057$1,012,358
New conventional · ends Jan 2057$1,446,525