Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,958/mo
Lowest payment- Down payment
- $235,564
- Funds due
- $254,318
- Interest + MI left
- $497,325
- First ends
- Oct 2052
Assumption
Assumption + second
$5,095/mo
+$1,137/mo- Down payment
- $80,564
- Funds due
- $100,874
- Interest + MI left
- $751,765
- First ends
- Oct 2052
New loan
New conventional
$5,547/mo
+$1,589/mo- Down payment
- $80,564
- Funds due
- $95,404
- Interest + MI left
- $1,050,472
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $563,436 | $563,436 | $718,436 |
| Second mortgage | — | $155,000 | — |
| First P&I | $3,421.81 | $3,421.81 | $4,866.94 |
| Second P&I | — | $1,137.34 | — |
| Mortgage insurance | — | — | $143.69 |
| Taxes, insurance & HOA | $536.25 | $536.25 | $536.25 |
| Total housing payment | $3,958.06 | $5,095.39 | $5,546.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$80,564
Closing costs & prepaids$20,309
Usable credit−$0
Total buyer cash needed$100,874
Earnest money paid−$0
Remaining funds due$100,874
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,817.18
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)$958.75
Prepaid interest, first (9 days)$769.67
Prepaid interest, second (9 days)$305.75
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 10 moOf the original 30-year loan at 5.54%
Interest already paid$134,526Through Dec 2026
Assumption only · ends Oct 2052$497,325
Assumption + second · ends Oct 2052, second Jan 2057$751,765
New conventional · ends Jan 2057$1,050,472