Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,951/mo
Lowest payment- Down payment
- $118,452
- Funds due
- $136,378
- Interest + MI left
- $456,812
- First ends
- Nov 2052
Assumption
Assumption + second
$4,313/mo
+$362/mo- Down payment
- $73,452
- Funds due
- $92,695
- Interest + MI left
- $542,161
- First ends
- Nov 2052
New loan
New conventional
$5,076/mo
+$1,125/mo- Down payment
- $73,452
- Funds due
- $87,106
- Interest + MI left
- $952,671
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $606,548 | $606,548 | $651,548 |
| Second mortgage | — | $45,000 | — |
| First P&I | $3,419.17 | $3,419.17 | $4,413.81 |
| Second P&I | — | $362.08 | — |
| Mortgage insurance | — | — | $130.31 |
| Taxes, insurance & HOA | $531.67 | $531.67 | $531.67 |
| Total housing payment | $3,950.83 | $4,312.91 | $5,075.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$73,452
Closing costs & prepaids$19,243
Usable credit−$0
Total buyer cash needed$92,695
Earnest money paid−$0
Remaining funds due$92,695
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,032.74
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)$870.00
Initial HOA (3 months)$75.00
Prepaid interest, first (6 days)$480.59
Prepaid interest, second (6 days)$66.58
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 11 moOf the original 30-year loan at 4.82%
Interest already paid$123,901Through Dec 2026
Assumption only · ends Nov 2052$456,812
Assumption + second · ends Nov 2052, second Jan 2057$542,161
New conventional · ends Jan 2057$952,671