Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,063/mo
Lowest payment- Down payment
- $104,396
- Funds due
- $122,114
- Interest + MI left
- $498,568
- First ends
- Oct 2052
Assumption
Assumption + second
$4,328/mo
+$266/mo- Down payment
- $71,396
- Funds due
- $90,412
- Interest + MI left
- $561,157
- First ends
- Oct 2052
New loan
New conventional
$4,955/mo
+$892/mo- Down payment
- $71,396
- Funds due
- $84,813
- Interest + MI left
- $933,745
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $605,604 | $605,604 | $638,604 |
| Second mortgage | — | $33,000 | — |
| First P&I | $3,561.85 | $3,561.85 | $4,326.13 |
| Second P&I | — | $265.53 | — |
| Mortgage insurance | — | — | $127.72 |
| Taxes, insurance & HOA | $500.67 | $500.67 | $500.67 |
| Total housing payment | $4,062.51 | $4,328.04 | $4,954.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$71,396
Closing costs & prepaids$19,017
Usable credit−$0
Total buyer cash needed$90,412
Earnest money paid−$0
Remaining funds due$90,412
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,028.02
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)$852.00
Prepaid interest, first (6 days)$519.66
Prepaid interest, second (6 days)$48.82
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 10 moOf the original 30-year loan at 5.22%
Interest already paid$136,496Through Dec 2026
Assumption only · ends Oct 2052$498,568
Assumption + second · ends Oct 2052, second Jan 2057$561,157
New conventional · ends Jan 2057$933,745