Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,820/mo
Lowest payment- Down payment
- $122,455
- Funds due
- $139,755
- Interest + MI left
- $425,447
- First ends
- Jul 2052
Assumption
Assumption + second
$4,222/mo
+$402/mo- Down payment
- $72,455
- Funds due
- $91,017
- Interest + MI left
- $520,279
- First ends
- Jul 2052
New loan
New conventional
$5,092/mo
+$1,272/mo- Down payment
- $72,455
- Funds due
- $85,329
- Interest + MI left
- $974,334
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $592,545 | $592,545 | $642,545 |
| Second mortgage | — | $50,000 | — |
| First P&I | $3,305.17 | $3,305.17 | $4,448.85 |
| Second P&I | — | $402.31 | — |
| Mortgage insurance | — | — | $128.51 |
| Taxes, insurance & HOA | $514.33 | $514.33 | $514.33 |
| Total housing payment | $3,819.50 | $4,221.81 | $5,091.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$72,455
Closing costs & prepaids$18,562
Usable credit−$0
Total buyer cash needed$91,017
Earnest money paid−$0
Remaining funds due$91,017
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%)$2,962.72
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)$861.50
Initial HOA (3 months)$31.50
Prepaid interest, first (1 days)$75.81
Prepaid interest, second (1 days)$12.33
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 8 moOf the original 30-year loan at 4.670%
Interest already paid$124,914Through Nov 2026
Assumption only · ends Jul 2052$425,447
Assumption + second · ends Jul 2052, second Dec 2056$520,279
New conventional · ends Dec 2056$974,334