Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,072/mo
Lowest payment- Down payment
- $159,309
- Funds due
- $178,022
- Interest + MI left
- $445,704
- First ends
- Aug 2052
Assumption
Assumption + second
$4,732/mo
+$660/mo- Down payment
- $77,309
- Funds due
- $97,393
- Interest + MI left
- $601,229
- First ends
- Aug 2052
New loan
New conventional
$5,466/mo
+$1,394/mo- Down payment
- $77,309
- Funds due
- $91,753
- Interest + MI left
- $1,009,904
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $608,691 | $608,691 | $690,691 |
| Second mortgage | — | $82,000 | — |
| First P&I | $3,423.36 | $3,423.36 | $4,678.98 |
| Second P&I | — | $659.79 | — |
| Mortgage insurance | — | — | $138.14 |
| Taxes, insurance & HOA | $648.83 | $648.83 | $648.83 |
| Total housing payment | $4,072.20 | $4,731.99 | $5,465.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$77,309
Closing costs & prepaids$20,085
Usable credit−$0
Total buyer cash needed$97,393
Earnest money paid−$0
Remaining funds due$97,393
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,680.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,043.46
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)$921.50
Initial HOA (3 months)$375.00
Prepaid interest, first (6 days)$475.28
Prepaid interest, second (6 days)$121.32
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 8 moOf the original 30-year loan at 4.75%
Interest already paid$130,446Through Dec 2026
Assumption only · ends Aug 2052$445,704
Assumption + second · ends Aug 2052, second Jan 2057$601,229
New conventional · ends Jan 2057$1,009,904