Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,613/mo
Lowest payment- Down payment
- $135,791
- Funds due
- $152,423
- Interest + MI left
- $396,226
- First ends
- Jun 2052
Assumption
Assumption + second
$4,152/mo
+$539/mo- Down payment
- $68,791
- Funds due
- $86,789
- Interest + MI left
- $523,301
- First ends
- Jun 2052
New loan
New conventional
$4,821/mo
+$1,208/mo- Down payment
- $68,791
- Funds due
- $81,548
- Interest + MI left
- $900,999
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $549,209 | $549,209 | $616,209 |
| Second mortgage | — | $67,000 | — |
| First P&I | $3,089.66 | $3,089.66 | $4,174.41 |
| Second P&I | — | $539.10 | — |
| Mortgage insurance | — | — | $123.24 |
| Taxes, insurance & HOA | $523.67 | $523.67 | $523.67 |
| Total housing payment | $3,613.32 | $4,152.42 | $4,821.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$68,791
Closing costs & prepaids$17,998
Usable credit−$0
Total buyer cash needed$86,789
Earnest money paid−$0
Remaining funds due$86,789
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,746.05
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)$822.00
Initial HOA (3 months)$249.00
Prepaid interest, first (7 days)$497.15
Prepaid interest, second (7 days)$115.64
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 6 moOf the original 30-year loan at 4.72%
Interest already paid$121,704Through Dec 2026
Assumption only · ends Jun 2052$396,226
Assumption + second · ends Jun 2052, second Jan 2057$523,301
New conventional · ends Jan 2057$900,999