Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,328/mo
Lowest payment- Down payment
- $150,411
- Funds due
- $170,584
- Interest + MI left
- $736,111
- First ends
- Dec 2052
Assumption
Assumption + second
$5,811/mo
+$483/mo- Down payment
- $90,411
- Funds due
- $111,849
- Interest + MI left
- $849,910
- First ends
- Dec 2052
New loan
New conventional
$6,341/mo
+$1,013/mo- Down payment
- $90,411
- Funds due
- $105,189
- Interest + MI left
- $1,224,763
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $747,589 | $747,589 | $807,589 |
| Second mortgage | — | $60,000 | — |
| First P&I | $4,740.26 | $4,740.26 | $5,591.58 |
| Second P&I | — | $482.77 | — |
| Mortgage insurance | — | — | $161.52 |
| Taxes, insurance & HOA | $587.92 | $587.92 | $587.92 |
| Total housing payment | $5,328.17 | $5,810.95 | $6,341.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$90,411
Closing costs & prepaids$21,438
Usable credit−$0
Total buyer cash needed$111,849
Earnest money paid−$0
Remaining funds due$111,849
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,980.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,737.94
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)$666.75
Initial HOA (3 months)$447.00
Prepaid interest, first (1 days)$123.30
Prepaid interest, second (1 days)$14.79
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 closing26 yr 1 moOf the original 30-year loan at 6.020%
Interest already paid$181,439Through Nov 2026
Assumption only · ends Dec 2052$736,111
Assumption + second · ends Dec 2052, second Dec 2056$849,910
New conventional · ends Dec 2056$1,224,763