Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,308/mo
Lowest payment- Down payment
- $137,908
- Funds due
- $153,765
- Interest + MI left
- $327,290
- First ends
- Jun 2052
Assumption
Assumption + second
$3,888/mo
+$579/mo- Down payment
- $65,908
- Funds due
- $83,033
- Interest + MI left
- $463,848
- First ends
- Jun 2052
New loan
New conventional
$4,770/mo
+$1,462/mo- Down payment
- $65,908
- Funds due
- $77,769
- Interest + MI left
- $899,464
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $521,092 | $521,092 | $593,092 |
| Second mortgage | — | $72,000 | — |
| First P&I | $2,763.46 | $2,763.46 | $4,106.45 |
| Second P&I | — | $579.33 | — |
| Mortgage insurance | — | — | $118.62 |
| Taxes, insurance & HOA | $544.92 | $544.92 | $544.92 |
| Total housing payment | $3,308.38 | $3,887.71 | $4,769.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,908
Closing costs & prepaids$17,125
Usable credit−$0
Total buyer cash needed$83,033
Earnest money paid−$0
Remaining funds due$83,033
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%)$2,605.46
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)$774.75
Initial HOA (3 months)$360.00
Prepaid interest, first (1 days)$59.53
Prepaid interest, second (1 days)$17.75
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 4.170%
Interest already paid$100,422Through Nov 2026
Assumption only · ends Jun 2052$327,290
Assumption + second · ends Jun 2052, second Dec 2056$463,848
New conventional · ends Dec 2056$899,464