Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,654/mo
Lowest payment- Down payment
- $175,272
- Funds due
- $193,233
- Interest + MI left
- $381,626
- First ends
- Aug 2052
Assumption
Assumption + second
$4,402/mo
+$748/mo- Down payment
- $73,272
- Funds due
- $92,640
- Interest + MI left
- $549,065
- First ends
- Aug 2052
New loan
New conventional
$5,194/mo
+$1,540/mo- Down payment
- $73,272
- Funds due
- $87,360
- Interest + MI left
- $960,245
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $554,728 | $554,728 | $656,728 |
| Second mortgage | — | $102,000 | — |
| First P&I | $3,040.11 | $3,040.11 | $4,448.90 |
| Second P&I | — | $748.44 | — |
| Mortgage insurance | — | — | $131.35 |
| Taxes, insurance & HOA | $613.67 | $613.67 | $613.67 |
| Total housing payment | $3,653.78 | $4,402.22 | $5,193.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$73,272
Closing costs & prepaids$19,368
Usable credit−$0
Total buyer cash needed$92,640
Earnest money paid−$0
Remaining funds due$92,640
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,773.64
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)$876.00
Initial HOA (3 months)$315.00
Prepaid interest, first (7 days)$478.74
Prepaid interest, second (7 days)$156.49
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 8 moOf the original 30-year loan at 4.5%
Interest already paid$112,814Through Dec 2026
Assumption only · ends Aug 2052$381,626
Assumption + second · ends Aug 2052, second Jan 2057$549,065
New conventional · ends Jan 2057$960,245