Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,960/mo
Lowest payment- Down payment
- $138,443
- Funds due
- $159,017
- Interest + MI left
- $595,396
- First ends
- Jul 2052
Assumption
Assumption + second
$5,354/mo
+$394/mo- Down payment
- $89,443
- Funds due
- $111,340
- Interest + MI left
- $688,332
- First ends
- Jul 2052
New loan
New conventional
$6,156/mo
+$1,196/mo- Down payment
- $89,443
- Funds due
- $104,886
- Interest + MI left
- $1,170,547
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $751,557 | $751,557 | $800,557 |
| Second mortgage | — | $49,000 | — |
| First P&I | $4,387.47 | $4,387.47 | $5,423.25 |
| Second P&I | — | $394.27 | — |
| Mortgage insurance | — | — | $160.11 |
| Taxes, insurance & HOA | $572.67 | $572.67 | $572.67 |
| Total housing payment | $4,960.14 | $5,354.40 | $6,156.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$89,443
Closing costs & prepaids$21,896
Usable credit−$0
Total buyer cash needed$111,340
Earnest money paid−$0
Remaining funds due$111,340
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,757.78
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)$1,068.00
Prepaid interest, first (6 days)$630.07
Prepaid interest, second (6 days)$72.49
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 5.1%
Interest already paid$176,012Through Dec 2026
Assumption only · ends Jul 2052$595,396
Assumption + second · ends Jul 2052, second Jan 2057$688,332
New conventional · ends Jan 2057$1,170,547