Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,187/mo
Lowest payment- Down payment
- $101,171
- Funds due
- $119,986
- Interest + MI left
- $379,349
- First ends
- Jun 2052
Assumption
Assumption + second
$4,405/mo
+$217/mo- Down payment
- $74,171
- Funds due
- $94,243
- Interest + MI left
- $430,558
- First ends
- Jun 2052
New loan
New conventional
$5,593/mo
+$1,405/mo- Down payment
- $74,171
- Funds due
- $88,349
- Interest + MI left
- $1,001,301
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $633,329 | $633,329 | $660,329 |
| Second mortgage | — | $27,000 | — |
| First P&I | $3,298.62 | $3,298.62 | $4,571.98 |
| Second P&I | — | $217.25 | — |
| Mortgage insurance | — | — | $132.07 |
| Taxes, insurance & HOA | $888.67 | $888.67 | $888.67 |
| Total housing payment | $4,187.29 | $4,404.54 | $5,592.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$74,171
Closing costs & prepaids$20,072
Usable credit−$0
Total buyer cash needed$94,243
Earnest money paid−$0
Remaining funds due$94,243
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,345.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,166.64
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)$507.00
Initial HOA (3 months)$1,509.00
Prepaid interest, first (1 days)$69.41
Prepaid interest, second (1 days)$6.66
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 4.000%
Interest already paid$117,222Through Nov 2026
Assumption only · ends Jun 2052$379,349
Assumption + second · ends Jun 2052, second Dec 2056$430,558
New conventional · ends Dec 2056$1,001,301