Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,232/mo
Lowest payment- Down payment
- $159,393
- Funds due
- $175,579
- Interest + MI left
- $318,889
- First ends
- Jun 2052
Assumption
Assumption + second
$3,972/mo
+$740/mo- Down payment
- $67,393
- Funds due
- $84,988
- Interest + MI left
- $493,380
- First ends
- Jun 2052
New loan
New conventional
$4,720/mo
+$1,488/mo- Down payment
- $67,393
- Funds due
- $79,985
- Interest + MI left
- $879,649
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $509,607 | $509,607 | $601,607 |
| Second mortgage | — | $92,000 | — |
| First P&I | $2,707.50 | $2,707.50 | $4,075.50 |
| Second P&I | — | $740.25 | — |
| Mortgage insurance | — | — | $120.32 |
| Taxes, insurance & HOA | $524.25 | $524.25 | $524.25 |
| Total housing payment | $3,231.75 | $3,972.01 | $4,720.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$67,393
Closing costs & prepaids$17,595
Usable credit−$0
Total buyer cash needed$84,988
Earnest money paid−$0
Remaining funds due$84,988
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,690.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,548.04
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)$802.75
Initial HOA (3 months)$270.00
Prepaid interest, first (7 days)$407.55
Prepaid interest, second (7 days)$158.79
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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$100,163Through Dec 2026
Assumption only · ends Jun 2052$318,889
Assumption + second · ends Jun 2052, second Jan 2057$493,380
New conventional · ends Jan 2057$879,649