Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,176/mo
Lowest payment- Down payment
- $126,241
- Funds due
- $141,637
- Interest + MI left
- $307,471
- First ends
- Jul 2052
Assumption
Assumption + second
$3,715/mo
+$539/mo- Down payment
- $59,241
- Funds due
- $75,953
- Interest + MI left
- $434,546
- First ends
- Jul 2052
New loan
New conventional
$4,337/mo
+$1,161/mo- Down payment
- $59,241
- Funds due
- $71,128
- Interest + MI left
- $765,472
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $462,759 | $462,759 | $529,759 |
| Second mortgage | — | $67,000 | — |
| First P&I | $2,508.89 | $2,508.89 | $3,563.72 |
| Second P&I | — | $539.10 | — |
| Mortgage insurance | — | — | $105.95 |
| Taxes, insurance & HOA | $667.33 | $667.33 | $667.33 |
| Total housing payment | $3,176.23 | $3,715.32 | $4,337.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$59,241
Closing costs & prepaids$16,712
Usable credit−$0
Total buyer cash needed$75,953
Earnest money paid−$0
Remaining funds due$75,953
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,890.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,313.80
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)$1,502.00
Prepaid interest, first (4 days)$222.12
Prepaid interest, second (4 days)$66.08
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 7 moOf the original 30-year loan at 4.38%
Interest already paid$93,530Through Dec 2026
Assumption only · ends Jul 2052$307,471
Assumption + second · ends Jul 2052, second Jan 2057$434,546
New conventional · ends Jan 2057$765,472