Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,507/mo
Lowest payment- Down payment
- $120,151
- Funds due
- $136,186
- Interest + MI left
- $408,802
- First ends
- Jul 2052
Assumption
Assumption + second
$3,957/mo
+$451/mo- Down payment
- $64,151
- Funds due
- $81,560
- Interest + MI left
- $515,014
- First ends
- Jul 2052
New loan
New conventional
$4,479/mo
+$973/mo- Down payment
- $64,151
- Funds due
- $76,539
- Interest + MI left
- $834,673
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $514,847 | $514,847 | $570,847 |
| Second mortgage | — | $56,000 | — |
| First P&I | $3,008.63 | $3,008.63 | $3,867.12 |
| Second P&I | — | $450.59 | — |
| Mortgage insurance | — | — | $114.17 |
| Taxes, insurance & HOA | $498.00 | $498.00 | $498.00 |
| Total housing payment | $3,506.63 | $3,957.21 | $4,479.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$64,151
Closing costs & prepaids$17,409
Usable credit−$0
Total buyer cash needed$81,560
Earnest money paid−$0
Remaining funds due$81,560
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,349.98
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,574.23
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)$762.00
Initial HOA (3 months)$231.99
Prepaid interest, first (9 days)$648.71
Prepaid interest, second (9 days)$124.27
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 7 moOf the original 30-year loan at 5.11%
Interest already paid$120,804Through Dec 2026
Assumption only · ends Jul 2052$408,802
Assumption + second · ends Jul 2052, second Jan 2057$515,014
New conventional · ends Jan 2057$834,673