Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,901/mo
Lowest payment- Down payment
- $371,577
- Funds due
- $393,639
- Interest + MI left
- $601,836
- First ends
- Jul 2052
Assumption
Assumption + second
$6,771/mo
+$1,870/mo- Down payment
- $110,577
- Funds due
- $133,944
- Interest + MI left
- $1,013,977
- First ends
- Jul 2052
New loan
New conventional
$7,631/mo
+$2,729/mo- Down payment
- $110,577
- Funds due
- $127,194
- Interest + MI left
- $1,500,527
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $728,423 | $728,423 | $989,423 |
| Second mortgage | — | $261,000 | — |
| First P&I | $4,319.03 | $4,319.03 | $6,850.56 |
| Second P&I | — | $1,869.84 | — |
| Mortgage insurance | — | — | $197.88 |
| Taxes, insurance & HOA | $582.25 | $582.25 | $582.25 |
| Total housing payment | $4,901.28 | $6,771.11 | $7,630.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$110,577
Closing costs & prepaids$23,367
Usable credit−$0
Total buyer cash needed$133,944
Earnest money paid−$0
Remaining funds due$133,944
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%)$3,642.12
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)$649.75
Initial HOA (3 months)$447.00
Prepaid interest, first (1 days)$105.17
Prepaid interest, second (1 days)$55.42
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 8 moOf the original 30-year loan at 5.270%
Interest already paid$172,621Through Nov 2026
Assumption only · ends Jul 2052$601,836
Assumption + second · ends Jul 2052, second Dec 2056$1,013,977
New conventional · ends Dec 2056$1,500,527