Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$7,534/mo
Lowest payment- Down payment
- $177,884
- Funds due
- $208,328
- Interest + MI left
- $733,295
- First ends
- Jun 2052
Assumption
Assumption + second
$7,751/mo
+$217/mo- Down payment
- $150,884
- Funds due
- $182,618
- Interest + MI left
- $784,504
- First ends
- Jun 2052
New loan
New conventional
$10,226/mo
+$2,692/mo- Down payment
- $150,884
- Funds due
- $173,192
- Interest + MI left
- $1,972,631
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $1,322,116 | $1,322,116 | $1,349,116 |
| Second mortgage | — | $27,000 | — |
| First P&I | $6,717.03 | $6,717.03 | $9,139.38 |
| Second P&I | — | $217.25 | — |
| Mortgage insurance | — | — | $269.82 |
| Taxes, insurance & HOA | $816.67 | $816.67 | $816.67 |
| Total housing payment | $7,533.70 | $7,750.94 | $10,225.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$150,884
Closing costs & prepaids$31,734
Usable credit−$0
Total buyer cash needed$182,618
Earnest money paid−$0
Remaining funds due$182,618
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$15,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$6,610.58
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)$1,800.00
Prepaid interest, first (6 days)$815.00
Prepaid interest, second (6 days)$39.95
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 6 moOf the original 30-year loan at 3.75%
Interest already paid$234,435Through Dec 2026
Assumption only · ends Jun 2052$733,295
Assumption + second · ends Jun 2052, second Jan 2057$784,504
New conventional · ends Jan 2057$1,972,631