Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,046/mo
Lowest payment- Down payment
- $286,391
- Funds due
- $306,164
- Interest + MI left
- $456,985
- First ends
- Jul 2052
Assumption
Assumption + second
$5,484/mo
+$1,438/mo- Down payment
- $90,391
- Funds due
- $111,671
- Interest + MI left
- $778,730
- First ends
- Jul 2052
New loan
New conventional
$6,186/mo
+$2,141/mo- Down payment
- $90,391
- Funds due
- $105,886
- Interest + MI left
- $1,176,471
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $608,609 | $608,609 | $804,609 |
| Second mortgage | — | $196,000 | — |
| First P&I | $3,470.99 | $3,470.99 | $5,450.70 |
| Second P&I | — | $1,438.18 | — |
| Mortgage insurance | — | — | $160.92 |
| Taxes, insurance & HOA | $574.67 | $574.67 | $574.67 |
| Total housing payment | $4,045.66 | $5,483.84 | $6,186.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$90,391
Closing costs & prepaids$21,280
Usable credit−$0
Total buyer cash needed$111,671
Earnest money paid−$0
Remaining funds due$111,671
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,043.04
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)$1,074.00
Prepaid interest, first (6 days)$487.22
Prepaid interest, second (6 days)$257.75
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 4.87%
Interest already paid$136,311Through Dec 2026
Assumption only · ends Jul 2052$456,985
Assumption + second · ends Jul 2052, second Jan 2057$778,730
New conventional · ends Jan 2057$1,176,471