Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,825/mo
Lowest payment- Down payment
- $194,114
- Funds due
- $208,906
- Interest + MI left
- $287,408
- First ends
- Aug 2052
Assumption
Assumption + second
$3,823/mo
+$998/mo- Down payment
- $58,114
- Funds due
- $74,275
- Interest + MI left
- $510,659
- First ends
- Aug 2052
New loan
New conventional
$4,236/mo
+$1,411/mo- Down payment
- $58,114
- Funds due
- $69,827
- Interest + MI left
- $746,856
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $380,876 | $380,876 | $516,876 |
| Second mortgage | — | $136,000 | — |
| First P&I | $2,169.75 | $2,169.75 | $3,477.06 |
| Second P&I | — | $997.92 | — |
| Mortgage insurance | — | — | $103.38 |
| Taxes, insurance & HOA | $655.42 | $655.42 | $655.42 |
| Total housing payment | $2,825.17 | $3,823.09 | $4,235.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,114
Closing costs & prepaids$16,161
Usable credit−$0
Total buyer cash needed$74,275
Earnest money paid−$0
Remaining funds due$74,275
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,749.90
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,904.38
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)$1,466.25
Prepaid interest, first (4 days)$203.48
Prepaid interest, second (4 days)$119.23
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 4.875%
Interest already paid$83,703Through Dec 2026
Assumption only · ends Aug 2052$287,408
Assumption + second · ends Aug 2052, second Jan 2057$510,659
New conventional · ends Jan 2057$746,856