Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,070/mo
Lowest payment- Down payment
- $133,477
- Funds due
- $148,510
- Interest + MI left
- $314,929
- First ends
- Jun 2052
Assumption
Assumption + second
$3,682/mo
+$612/mo- Down payment
- $57,477
- Funds due
- $73,872
- Interest + MI left
- $459,074
- First ends
- Jun 2052
New loan
New conventional
$4,189/mo
+$1,119/mo- Down payment
- $57,477
- Funds due
- $69,226
- Interest + MI left
- $749,393
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $436,523 | $436,523 | $512,523 |
| Second mortgage | — | $76,000 | — |
| First P&I | $2,455.73 | $2,455.73 | $3,472.01 |
| Second P&I | — | $611.51 | — |
| Mortgage insurance | — | — | $102.50 |
| Taxes, insurance & HOA | $614.67 | $614.67 | $614.67 |
| Total housing payment | $3,070.39 | $3,681.91 | $4,189.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,477
Closing costs & prepaids$16,396
Usable credit−$0
Total buyer cash needed$73,872
Earnest money paid−$0
Remaining funds due$73,872
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,700.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,182.62
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$684.00
Initial HOA (3 months)$660.00
Prepaid interest, first (6 days)$338.69
Prepaid interest, second (6 days)$112.44
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 4.72%
Interest already paid$96,733Through Dec 2026
Assumption only · ends Jun 2052$314,929
Assumption + second · ends Jun 2052, second Jan 2057$459,074
New conventional · ends Jan 2057$749,393