Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,210/mo
Lowest payment- Down payment
- $200,006
- Funds due
- $219,093
- Interest + MI left
- $497,052
- First ends
- Jul 2052
Assumption
Assumption + second
$5,090/mo
+$881/mo- Down payment
- $80,006
- Funds due
- $100,527
- Interest + MI left
- $694,039
- First ends
- Jul 2052
New loan
New conventional
$5,657/mo
+$1,448/mo- Down payment
- $80,006
- Funds due
- $94,881
- Interest + MI left
- $1,052,604
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $599,894 | $599,894 | $719,894 |
| Second mortgage | — | $120,000 | — |
| First P&I | $3,573.11 | $3,573.11 | $4,876.81 |
| Second P&I | — | $880.52 | — |
| Mortgage insurance | — | — | $143.98 |
| Taxes, insurance & HOA | $636.67 | $636.67 | $636.67 |
| Total housing payment | $4,209.78 | $5,090.30 | $5,657.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$80,006
Closing costs & prepaids$20,520
Usable credit−$0
Total buyer cash needed$100,527
Earnest money paid−$0
Remaining funds due$100,527
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,999.47
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)$960.00
Initial HOA (3 months)$300.00
Prepaid interest, first (7 days)$609.75
Prepaid interest, second (7 days)$184.11
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 5.3%
Interest already paid$145,818Through Dec 2026
Assumption only · ends Jul 2052$497,052
Assumption + second · ends Jul 2052, second Jan 2057$694,039
New conventional · ends Jan 2057$1,052,604