Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,661/mo
Lowest payment- Down payment
- $154,383
- Funds due
- $174,958
- Interest + MI left
- $508,425
- First ends
- Jul 2052
Assumption
Assumption + second
$5,176/mo
+$515/mo- Down payment
- $90,383
- Funds due
- $112,302
- Interest + MI left
- $629,810
- First ends
- Jul 2052
New loan
New conventional
$6,223/mo
+$1,562/mo- Down payment
- $90,383
- Funds due
- $105,940
- Interest + MI left
- $1,183,792
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $745,616 | $745,616 | $809,616 |
| Second mortgage | — | $64,000 | — |
| First P&I | $4,084.83 | $4,084.83 | $5,484.62 |
| Second P&I | — | $514.96 | — |
| Mortgage insurance | — | — | $161.92 |
| Taxes, insurance & HOA | $576.67 | $576.67 | $576.67 |
| Total housing payment | $4,661.49 | $5,176.45 | $6,223.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$90,383
Closing costs & prepaids$21,920
Usable credit−$0
Total buyer cash needed$112,302
Earnest money paid−$0
Remaining funds due$112,302
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,999.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,728.08
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)$1,080.00
Prepaid interest, first (6 days)$549.10
Prepaid interest, second (6 days)$94.68
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 7 moOf the original 30-year loan at 4.48%
Interest already paid$154,032Through Dec 2026
Assumption only · ends Jul 2052$508,425
Assumption + second · ends Jul 2052, second Jan 2057$629,810
New conventional · ends Jan 2057$1,183,792