Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,280/mo
Lowest payment- Down payment
- $417,383
- Funds due
- $441,187
- Interest + MI left
- $654,214
- First ends
- Aug 2052
Assumption
Assumption + second
$7,365/mo
+$2,085/mo- Down payment
- $126,383
- Funds due
- $151,498
- Interest + MI left
- $1,113,728
- First ends
- Aug 2052
New loan
New conventional
$8,512/mo
+$3,232/mo- Down payment
- $126,383
- Funds due
- $144,032
- Interest + MI left
- $1,719,206
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $842,617 | $842,617 | $1,133,617 |
| Second mortgage | — | $291,000 | — |
| First P&I | $4,844.12 | $4,844.12 | $7,848.94 |
| Second P&I | — | $2,084.76 | — |
| Mortgage insurance | — | — | $226.72 |
| Taxes, insurance & HOA | $436.00 | $436.00 | $436.00 |
| Total housing payment | $5,280.12 | $7,364.88 | $8,511.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$126,383
Closing costs & prepaids$25,116
Usable credit−$0
Total buyer cash needed$151,498
Earnest money paid−$0
Remaining funds due$151,498
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$12,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,213.09
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)$658.00
Prepaid interest, first (1 days)$114.97
Prepaid interest, second (1 days)$61.79
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 9 moOf the original 30-year loan at 4.980%
Interest already paid$185,239Through Nov 2026
Assumption only · ends Aug 2052$654,214
Assumption + second · ends Aug 2052, second Dec 2056$1,113,728
New conventional · ends Dec 2056$1,719,206