Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,314/mo
Lowest payment- Down payment
- $138,860
- Funds due
- $155,205
- Interest + MI left
- $325,479
- First ends
- Jun 2052
Assumption
Assumption + second
$3,893/mo
+$579/mo- Down payment
- $66,860
- Funds due
- $84,614
- Interest + MI left
- $462,038
- First ends
- Jun 2052
New loan
New conventional
$4,680/mo
+$1,366/mo- Down payment
- $66,860
- Funds due
- $79,655
- Interest + MI left
- $865,807
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $520,140 | $520,140 | $592,140 |
| Second mortgage | — | $72,000 | — |
| First P&I | $2,763.46 | $2,763.46 | $4,011.36 |
| Second P&I | — | $579.33 | — |
| Mortgage insurance | — | — | $118.43 |
| Taxes, insurance & HOA | $550.25 | $550.25 | $550.25 |
| Total housing payment | $3,313.71 | $3,893.04 | $4,680.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$66,860
Closing costs & prepaids$17,754
Usable credit−$0
Total buyer cash needed$84,614
Earnest money paid−$0
Remaining funds due$84,614
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,590.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,600.70
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)$790.75
Initial HOA (3 months)$360.00
Prepaid interest, first (9 days)$534.82
Prepaid interest, second (9 days)$159.78
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 4.17%
Interest already paid$102,233Through Dec 2026
Assumption only · ends Jun 2052$325,479
Assumption + second · ends Jun 2052, second Jan 2057$462,038
New conventional · ends Jan 2057$865,807