Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$875/mo
Lowest payment- Down payment
- $811,248
- Funds due
- $827,630
- Interest + MI left
- $28,037
- First ends
- Oct 2052
Assumption
Assumption + second
$6,055/mo
+$5,180/mo- Down payment
- $88,248
- Funds due
- $106,033
- Interest + MI left
- $1,169,714
- First ends
- Oct 2052
New loan
New conventional
$6,184/mo
+$5,310/mo- Down payment
- $88,248
- Funds due
- $102,789
- Interest + MI left
- $1,193,155
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $63,747 | $63,747 | $786,747 |
| Second mortgage | — | $723,000 | — |
| First P&I | $295.12 | $295.12 | $5,447.28 |
| Second P&I | — | $5,179.66 | — |
| Mortgage insurance | — | — | $157.35 |
| Taxes, insurance & HOA | $579.83 | $579.83 | $579.83 |
| Total housing payment | $874.96 | $6,054.62 | $6,184.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$88,248
Closing costs & prepaids$17,785
Usable credit−$0
Total buyer cash needed$106,033
Earnest money paid−$0
Remaining funds due$106,033
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,749.95
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$318.73
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)$750.50
Initial HOA (3 months)$339.00
Prepaid interest, first (1 days)$5.24
Prepaid interest, second (1 days)$153.51
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 11 moOf the original 30-year loan at 3.000%
Interest already paid$8,208Through Nov 2026
Assumption only · ends Oct 2052$28,037
Assumption + second · ends Oct 2052, second Dec 2056$1,169,714
New conventional · ends Dec 2056$1,193,155