Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,601/mo
Lowest payment- Down payment
- $151,154
- Funds due
- $167,876
- Interest + MI left
- $391,125
- First ends
- Jun 2052
Assumption
Assumption + second
$4,253/mo
+$652/mo- Down payment
- $70,154
- Funds due
- $88,246
- Interest + MI left
- $544,753
- First ends
- Jun 2052
New loan
New conventional
$4,922/mo
+$1,321/mo- Down payment
- $70,154
- Funds due
- $82,960
- Interest + MI left
- $920,939
- 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 | $629,846 |
| Second mortgage | — | $81,000 | — |
| First P&I | $3,071.80 | $3,071.80 | $4,266.80 |
| Second P&I | — | $651.74 | — |
| Mortgage insurance | — | — | $125.97 |
| Taxes, insurance & HOA | $529.67 | $529.67 | $529.67 |
| Total housing payment | $3,601.47 | $4,253.21 | $4,922.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$70,154
Closing costs & prepaids$18,092
Usable credit−$0
Total buyer cash needed$88,246
Earnest money paid−$0
Remaining funds due$88,246
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,000.00
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)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$840.00
Initial HOA (3 months)$249.00
Prepaid interest, first (6 days)$421.33
Prepaid interest, second (6 days)$119.84
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$544,753
New conventional · ends Jan 2057$920,939