Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,126/mo
Lowest payment- Down payment
- $167,364
- Funds due
- $186,986
- Interest + MI left
- $407,371
- First ends
- Jun 2052
Assumption
Assumption + second
$4,786/mo
+$660/mo- Down payment
- $85,364
- Funds due
- $106,358
- Interest + MI left
- $562,896
- First ends
- Jun 2052
New loan
New conventional
$5,897/mo
+$1,771/mo- Down payment
- $85,364
- Funds due
- $100,380
- Interest + MI left
- $1,118,024
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $682,636 | $682,636 | $764,636 |
| Second mortgage | — | $82,000 | — |
| First P&I | $3,562.11 | $3,562.11 | $5,179.91 |
| Second P&I | — | $659.79 | — |
| Mortgage insurance | — | — | $152.93 |
| Taxes, insurance & HOA | $564.17 | $564.17 | $564.17 |
| Total housing payment | $4,126.28 | $4,786.07 | $5,897.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$85,364
Closing costs & prepaids$20,994
Usable credit−$0
Total buyer cash needed$106,358
Earnest money paid−$0
Remaining funds due$106,358
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,413.18
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)$1,020.00
Initial HOA (3 months)$22.50
Prepaid interest, first (6 days)$448.86
Prepaid interest, second (6 days)$121.32
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$128,865Through Dec 2026
Assumption only · ends Jun 2052$407,371
Assumption + second · ends Jun 2052, second Jan 2057$562,896
New conventional · ends Jan 2057$1,118,024