Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,567/mo
Lowest payment- Down payment
- $132,608
- Funds due
- $148,154
- Interest + MI left
- $452,825
- First ends
- Aug 2052
Assumption
Assumption + second
$4,090/mo
+$523/mo- Down payment
- $67,608
- Funds due
- $84,420
- Interest + MI left
- $576,107
- First ends
- Aug 2052
New loan
New conventional
$4,673/mo
+$1,106/mo- Down payment
- $67,608
- Funds due
- $79,018
- Interest + MI left
- $921,151
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $542,392 | $542,392 | $607,392 |
| Second mortgage | — | $65,000 | — |
| First P&I | $3,220.77 | $3,220.77 | $4,205.46 |
| Second P&I | — | $523.00 | — |
| Mortgage insurance | — | — | $121.48 |
| Taxes, insurance & HOA | $345.83 | $345.83 | $345.83 |
| Total housing payment | $3,566.60 | $4,089.61 | $4,672.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$67,608
Closing costs & prepaids$16,812
Usable credit−$0
Total buyer cash needed$84,420
Earnest money paid−$0
Remaining funds due$84,420
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,711.96
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)$537.50
Prepaid interest, first (1 days)$78.76
Prepaid interest, second (1 days)$16.03
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 9 moOf the original 30-year loan at 5.300%
Interest already paid$126,651Through Nov 2026
Assumption only · ends Aug 2052$452,825
Assumption + second · ends Aug 2052, second Dec 2056$576,107
New conventional · ends Dec 2056$921,151