Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,491/mo
Lowest payment- Down payment
- $254,887
- Funds due
- $272,648
- Interest + MI left
- $392,237
- First ends
- Jul 2052
Assumption
Assumption + second
$4,805/mo
+$1,313/mo- Down payment
- $75,887
- Funds due
- $95,133
- Interest + MI left
- $686,075
- First ends
- Jul 2052
New loan
New conventional
$5,302/mo
+$1,811/mo- Down payment
- $75,887
- Funds due
- $90,001
- Interest + MI left
- $985,665
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $495,113 | $495,113 | $674,113 |
| Second mortgage | — | $179,000 | — |
| First P&I | $2,890.39 | $2,890.39 | $4,566.68 |
| Second P&I | — | $1,313.44 | — |
| Mortgage insurance | — | — | $134.82 |
| Taxes, insurance & HOA | $600.84 | $600.84 | $600.84 |
| Total housing payment | $3,491.23 | $4,804.67 | $5,302.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$75,887
Closing costs & prepaids$19,247
Usable credit−$0
Total buyer cash needed$95,133
Earnest money paid−$0
Remaining funds due$95,133
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,475.57
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)$900.00
Initial HOA (3 months)$252.51
Prepaid interest, first (6 days)$415.08
Prepaid interest, second (6 days)$235.40
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 7 moOf the original 30-year loan at 5.1%
Interest already paid$115,954Through Dec 2026
Assumption only · ends Jul 2052$392,237
Assumption + second · ends Jul 2052, second Jan 2057$686,075
New conventional · ends Jan 2057$985,665