Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,574/mo
Lowest payment- Down payment
- $89,901
- Funds due
- $109,576
- Interest + MI left
- $501,253
- First ends
- Jul 2052
Assumption
Assumption + second
$5,063/mo
+$489/mo- Down payment
- $41,901
- Funds due
- $62,920
- Interest + MI left
- $629,336
- First ends
- Jul 2052
New loan
New conventional
$6,008/mo
+$1,434/mo- Down payment
- $41,901
- Funds due
- $57,071
- Interest + MI left
- $1,149,249
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $735,099 | $735,099 | $783,099 |
| Second mortgage | — | $48,000 | — |
| First P&I | $4,027.20 | $4,027.20 | $5,304.99 |
| Second P&I | — | $489.12 | — |
| Mortgage insurance | — | — | $156.62 |
| Taxes, insurance & HOA | $546.67 | $546.67 | $546.67 |
| Total housing payment | $4,573.87 | $5,062.99 | $6,008.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,901
Closing costs & prepaids$21,019
Usable credit−$0
Total buyer cash needed$62,920
Earnest money paid−$0
Remaining funds due$62,920
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,675.49
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)$990.00
Prepaid interest, first (6 days)$541.35
Prepaid interest, second (6 days)$93.70
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$151,859Through Dec 2026
Assumption only · ends Jul 2052$501,253
Assumption + second · ends Jul 2052, second Jan 2057$629,336
New conventional · ends Jan 2057$1,149,249