Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,855/mo
Lowest payment- Down payment
- $227,253
- Funds due
- $247,119
- Interest + MI left
- $339,404
- First ends
- May 2052
Assumption
Assumption + second
$4,867/mo
+$1,013/mo- Down payment
- $89,253
- Funds due
- $110,550
- Interest + MI left
- $565,939
- First ends
- May 2052
New loan
New conventional
$6,150/mo
+$2,295/mo- Down payment
- $89,253
- Funds due
- $104,686
- Interest + MI left
- $1,169,362
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $661,747 | $661,747 | $799,747 |
| Second mortgage | — | $138,000 | — |
| First P&I | $3,282.46 | $3,282.46 | $5,417.76 |
| Second P&I | — | $1,012.60 | — |
| Mortgage insurance | — | — | $159.95 |
| Taxes, insurance & HOA | $572.25 | $572.25 | $572.25 |
| Total housing payment | $3,854.71 | $4,867.31 | $6,149.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$89,253
Closing costs & prepaids$21,297
Usable credit−$0
Total buyer cash needed$110,550
Earnest money paid−$0
Remaining funds due$110,550
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,890.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,308.73
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)$1,066.75
Prepaid interest, first (6 days)$381.82
Prepaid interest, second (6 days)$181.48
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 5 moOf the original 30-year loan at 3.51%
Interest already paid$112,202Through Dec 2026
Assumption only · ends May 2052$339,404
Assumption + second · ends May 2052, second Jan 2057$565,939
New conventional · ends Jan 2057$1,169,362