Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,491/mo
Lowest payment- Down payment
- $194,902
- Funds due
- $212,753
- Interest + MI left
- $341,097
- First ends
- Jun 2052
Assumption
Assumption + second
$4,371/mo
+$881/mo- Down payment
- $74,902
- Funds due
- $94,161
- Interest + MI left
- $538,083
- First ends
- Jun 2052
New loan
New conventional
$5,233/mo
+$1,743/mo- Down payment
- $74,902
- Funds due
- $88,897
- Interest + MI left
- $972,483
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $545,098 | $545,098 | $665,098 |
| Second mortgage | — | $120,000 | — |
| First P&I | $2,896.06 | $2,896.06 | $4,505.61 |
| Second P&I | — | $880.52 | — |
| Mortgage insurance | — | — | $133.02 |
| Taxes, insurance & HOA | $594.67 | $594.67 | $594.67 |
| Total housing payment | $3,490.73 | $4,371.25 | $5,233.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$74,902
Closing costs & prepaids$19,259
Usable credit−$0
Total buyer cash needed$94,161
Earnest money paid−$0
Remaining funds due$94,161
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,725.49
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)$888.00
Initial HOA (3 months)$246.00
Prepaid interest, first (6 days)$373.65
Prepaid interest, second (6 days)$157.81
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$107,138Through Dec 2026
Assumption only · ends Jun 2052$341,097
Assumption + second · ends Jun 2052, second Jan 2057$538,083
New conventional · ends Jan 2057$972,483