Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,188/mo
Lowest payment- Down payment
- $151,758
- Funds due
- $167,599
- Interest + MI left
- $326,991
- First ends
- May 2052
Assumption
Assumption + second
$3,871/mo
+$684/mo- Down payment
- $66,758
- Funds due
- $83,974
- Interest + MI left
- $488,206
- First ends
- May 2052
New loan
New conventional
$4,605/mo
+$1,417/mo- Down payment
- $66,758
- Funds due
- $78,920
- Interest + MI left
- $874,729
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $513,242 | $513,242 | $598,242 |
| Second mortgage | — | $85,000 | — |
| First P&I | $2,754.86 | $2,754.86 | $4,052.70 |
| Second P&I | — | $683.93 | — |
| Mortgage insurance | — | — | $119.65 |
| Taxes, insurance & HOA | $432.67 | $432.67 | $432.67 |
| Total housing payment | $3,187.53 | $3,871.46 | $4,605.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$66,758
Closing costs & prepaids$17,217
Usable credit−$0
Total buyer cash needed$83,974
Earnest money paid−$0
Remaining funds due$83,974
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,566.21
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$798.00
Prepaid interest, first (6 days)$358.57
Prepaid interest, second (6 days)$125.75
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 5 moOf the original 30-year loan at 4.25%
Interest already paid$104,760Through Dec 2026
Assumption only · ends May 2052$326,991
Assumption + second · ends May 2052, second Jan 2057$488,206
New conventional · ends Jan 2057$874,729