Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,818/mo
Lowest payment- Down payment
- $123,454
- Funds due
- $141,351
- Interest + MI left
- $423,141
- First ends
- Jul 2052
Assumption
Assumption + second
$4,229/mo
+$410/mo- Down payment
- $72,454
- Funds due
- $91,714
- Interest + MI left
- $519,869
- First ends
- Jul 2052
New loan
New conventional
$4,995/mo
+$1,176/mo- Down payment
- $72,454
- Funds due
- $86,332
- Interest + MI left
- $939,509
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $591,546 | $591,546 | $642,546 |
| Second mortgage | — | $51,000 | — |
| First P&I | $3,305.17 | $3,305.17 | $4,352.83 |
| Second P&I | — | $410.36 | — |
| Mortgage insurance | — | — | $128.51 |
| Taxes, insurance & HOA | $513.17 | $513.17 | $513.17 |
| Total housing payment | $3,818.33 | $4,228.69 | $4,994.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$72,454
Closing costs & prepaids$19,260
Usable credit−$0
Total buyer cash needed$91,714
Earnest money paid−$0
Remaining funds due$91,714
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,957.73
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)$858.00
Initial HOA (3 months)$31.50
Prepaid interest, first (9 days)$681.17
Prepaid interest, second (9 days)$113.18
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 4.67%
Interest already paid$127,220Through Dec 2026
Assumption only · ends Jul 2052$423,141
Assumption + second · ends Jul 2052, second Jan 2057$519,869
New conventional · ends Jan 2057$939,509