Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,888/mo
Lowest payment- Down payment
- $944,640
- Funds due
- $967,370
- Interest + MI left
- $296,679
- First ends
- Aug 2052
Assumption
Assumption + second
$8,720/mo
+$5,832/mo- Down payment
- $130,640
- Funds due
- $154,793
- Interest + MI left
- $1,582,053
- First ends
- Aug 2052
New loan
New conventional
$9,108/mo
+$6,220/mo- Down payment
- $130,640
- Funds due
- $149,679
- Interest + MI left
- $1,773,413
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $355,360 | $355,360 | $1,169,360 |
| Second mortgage | — | $814,000 | — |
| First P&I | $2,110.16 | $2,110.16 | $8,096.41 |
| Second P&I | — | $5,831.60 | — |
| Mortgage insurance | — | — | $233.87 |
| Taxes, insurance & HOA | $777.83 | $777.83 | $777.83 |
| Total housing payment | $2,887.99 | $8,719.59 | $9,108.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$130,640
Closing costs & prepaids$24,153
Usable credit−$0
Total buyer cash needed$154,793
Earnest money paid−$0
Remaining funds due$154,793
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$13,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,776.80
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)$1,209.50
Initial HOA (3 months)$474.00
Prepaid interest, first (1 days)$51.60
Prepaid interest, second (1 days)$172.84
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 5.300%
Interest already paid$82,978Through Nov 2026
Assumption only · ends Aug 2052$296,679
Assumption + second · ends Aug 2052, second Dec 2056$1,582,053
New conventional · ends Dec 2056$1,773,413