Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,595/mo
Lowest payment- Down payment
- $95,612
- Funds due
- $112,171
- Interest + MI left
- $371,315
- First ends
- Jun 2052
Assumption
Assumption + second
$3,804/mo
+$209/mo- Down payment
- $69,612
- Funds due
- $87,459
- Interest + MI left
- $420,627
- First ends
- Jun 2052
New loan
New conventional
$4,762/mo
+$1,167/mo- Down payment
- $69,612
- Funds due
- $82,039
- Interest + MI left
- $905,648
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $593,388 | $593,388 | $619,388 |
| Second mortgage | — | $26,000 | — |
| First P&I | $3,152.62 | $3,152.62 | $4,195.95 |
| Second P&I | — | $209.20 | — |
| Mortgage insurance | — | — | $123.88 |
| Taxes, insurance & HOA | $442.25 | $442.25 | $442.25 |
| Total housing payment | $3,594.87 | $3,804.07 | $4,762.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$69,612
Closing costs & prepaids$17,847
Usable credit−$0
Total buyer cash needed$87,459
Earnest money paid−$0
Remaining funds due$87,459
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,890.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,966.94
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$826.75
Prepaid interest, first (6 days)$406.76
Prepaid interest, second (6 days)$38.47
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 4.17%
Interest already paid$116,629Through Dec 2026
Assumption only · ends Jun 2052$371,315
Assumption + second · ends Jun 2052, second Jan 2057$420,627
New conventional · ends Jan 2057$905,648