Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,919/mo
Lowest payment- Down payment
- $115,194
- Funds due
- $142,675
- Interest + MI left
- $707,047
- First ends
- Jun 2052
Assumption
Assumption + second
$7,429/mo
+$510/mo- Down payment
- $65,194
- Funds due
- $94,022
- Interest + MI left
- $840,467
- First ends
- Jun 2052
New loan
New conventional
$9,349/mo
+$2,429/mo- Down payment
- $65,194
- Funds due
- $85,984
- Interest + MI left
- $1,812,159
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $1,184,806 | $1,184,806 | $1,234,806 |
| Second mortgage | — | $50,000 | — |
| First P&I | $6,182.53 | $6,182.53 | $8,365.01 |
| Second P&I | — | $509.50 | — |
| Mortgage insurance | — | — | $246.96 |
| Taxes, insurance & HOA | $736.67 | $736.67 | $736.67 |
| Total housing payment | $6,919.19 | $7,428.70 | $9,348.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,194
Closing costs & prepaids$28,829
Usable credit−$0
Total buyer cash needed$94,022
Earnest money paid−$0
Remaining funds due$94,022
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$13,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$5,924.03
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)$1,560.00
Prepaid interest, first (6 days)$779.05
Prepaid interest, second (6 days)$97.60
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%
Interest already paid$223,663Through Dec 2026
Assumption only · ends Jun 2052$707,047
Assumption + second · ends Jun 2052, second Jan 2057$840,467
New conventional · ends Jan 2057$1,812,159