Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,667/mo
Lowest payment- Down payment
- $191,154
- Funds due
- $209,074
- Interest + MI left
- $391,125
- First ends
- Jun 2052
Assumption
Assumption + second
$4,526/mo
+$859/mo- Down payment
- $74,154
- Funds due
- $93,478
- Interest + MI left
- $583,186
- First ends
- Jun 2052
New loan
New conventional
$5,240/mo
+$1,572/mo- Down payment
- $74,154
- Funds due
- $88,160
- Interest + MI left
- $973,577
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $548,846 | $548,846 | $665,846 |
| Second mortgage | — | $117,000 | — |
| First P&I | $3,071.80 | $3,071.80 | $4,510.67 |
| Second P&I | — | $858.50 | — |
| Mortgage insurance | — | — | $133.17 |
| Taxes, insurance & HOA | $595.67 | $595.67 | $595.67 |
| Total housing payment | $3,667.47 | $4,525.97 | $5,239.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$74,154
Closing costs & prepaids$19,324
Usable credit−$0
Total buyer cash needed$93,478
Earnest money paid−$0
Remaining funds due$93,478
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%)$2,744.23
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)$249.00
Prepaid interest, first (6 days)$421.33
Prepaid interest, second (6 days)$153.86
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 4.67%
Interest already paid$120,377Through Dec 2026
Assumption only · ends Jun 2052$391,125
Assumption + second · ends Jun 2052, second Jan 2057$583,186
New conventional · ends Jan 2057$973,577