Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,075/mo
Lowest payment- Down payment
- $137,413
- Funds due
- $155,895
- Interest + MI left
- $461,360
- First ends
- Nov 2052
Assumption
Assumption + second
$4,574/mo
+$499/mo- Down payment
- $75,413
- Funds due
- $95,236
- Interest + MI left
- $578,952
- First ends
- Nov 2052
New loan
New conventional
$5,326/mo
+$1,252/mo- Down payment
- $75,413
- Funds due
- $89,595
- Interest + MI left
- $986,358
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $612,587 | $612,587 | $674,587 |
| Second mortgage | — | $62,000 | — |
| First P&I | $3,453.21 | $3,453.21 | $4,569.89 |
| Second P&I | — | $498.87 | — |
| Mortgage insurance | — | — | $134.92 |
| Taxes, insurance & HOA | $621.67 | $621.67 | $621.67 |
| Total housing payment | $4,074.87 | $4,573.74 | $5,326.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$75,413
Closing costs & prepaids$19,823
Usable credit−$0
Total buyer cash needed$95,236
Earnest money paid−$0
Remaining funds due$95,236
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,062.93
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)$900.00
Initial HOA (3 months)$315.00
Prepaid interest, first (6 days)$485.37
Prepaid interest, second (6 days)$91.73
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 11 moOf the original 30-year loan at 4.82%
Interest already paid$125,135Through Dec 2026
Assumption only · ends Nov 2052$461,360
Assumption + second · ends Nov 2052, second Jan 2057$578,952
New conventional · ends Jan 2057$986,358