Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,020/mo
Lowest payment- Down payment
- $169,867
- Funds due
- $189,447
- Interest + MI left
- $377,227
- First ends
- Jun 2052
Assumption
Assumption + second
$4,695/mo
+$676/mo- Down payment
- $85,867
- Funds due
- $106,822
- Interest + MI left
- $536,545
- First ends
- Jun 2052
New loan
New conventional
$5,893/mo
+$1,874/mo- Down payment
- $85,867
- Funds due
- $100,878
- Interest + MI left
- $1,117,289
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $680,133 | $680,133 | $764,133 |
| Second mortgage | — | $84,000 | — |
| First P&I | $3,455.43 | $3,455.43 | $5,176.50 |
| Second P&I | — | $675.88 | — |
| Mortgage insurance | — | — | $152.83 |
| Taxes, insurance & HOA | $564.17 | $564.17 | $564.17 |
| Total housing payment | $4,019.59 | $4,695.48 | $5,893.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$85,867
Closing costs & prepaids$20,955
Usable credit−$0
Total buyer cash needed$106,822
Earnest money paid−$0
Remaining funds due$106,822
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,400.66
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)$1,020.00
Initial HOA (3 months)$22.50
Prepaid interest, first (6 days)$419.26
Prepaid interest, second (6 days)$124.27
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 3.75%
Interest already paid$120,600Through Dec 2026
Assumption only · ends Jun 2052$377,227
Assumption + second · ends Jun 2052, second Jan 2057$536,545
New conventional · ends Jan 2057$1,117,289