Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,315/mo
Lowest payment- Down payment
- $123,580
- Funds due
- $146,534
- Interest + MI left
- $823,517
- First ends
- Oct 2052
Assumption
Assumption + second
$7,028/mo
+$713/mo- Down payment
- $53,580
- Funds due
- $77,807
- Interest + MI left
- $1,010,305
- First ends
- Oct 2052
New loan
New conventional
$7,822/mo
+$1,507/mo- Down payment
- $53,580
- Funds due
- $70,591
- Interest + MI left
- $1,530,015
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $935,420 | $935,420 | $1,005,420 |
| Second mortgage | — | $70,000 | — |
| First P&I | $5,655.74 | $5,655.74 | $6,961.32 |
| Second P&I | — | $713.30 | — |
| Mortgage insurance | — | — | $201.08 |
| Taxes, insurance & HOA | $659.33 | $659.33 | $659.33 |
| Total housing payment | $6,315.08 | $7,028.38 | $7,821.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,580
Closing costs & prepaids$24,227
Usable credit−$0
Total buyer cash needed$77,807
Earnest money paid−$0
Remaining funds due$77,807
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$10,590.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,677.10
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)$857.00
Initial HOA (3 months)$471.00
Prepaid interest, first (1 days)$141.21
Prepaid interest, second (1 days)$22.77
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 5.510%
Interest already paid$217,551Through Nov 2026
Assumption only · ends Oct 2052$823,517
Assumption + second · ends Oct 2052, second Dec 2056$1,010,305
New conventional · ends Dec 2056$1,530,015