Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,231/mo
Lowest payment- Down payment
- $96,885
- Funds due
- $112,206
- Interest + MI left
- $359,885
- First ends
- Jul 2052
Assumption
Assumption + second
$3,520/mo
+$290/mo- Down payment
- $60,885
- Funds due
- $77,536
- Interest + MI left
- $428,164
- First ends
- Jul 2052
New loan
New conventional
$4,180/mo
+$949/mo- Down payment
- $60,885
- Funds due
- $72,665
- Interest + MI left
- $788,274
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $503,114 | $503,114 | $539,114 |
| Second mortgage | — | $36,000 | — |
| First P&I | $2,811.07 | $2,811.07 | $3,652.15 |
| Second P&I | — | $289.66 | — |
| Mortgage insurance | — | — | $107.82 |
| Taxes, insurance & HOA | $419.67 | $419.67 | $419.67 |
| Total housing payment | $3,230.74 | $3,520.40 | $4,179.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,885
Closing costs & prepaids$16,652
Usable credit−$0
Total buyer cash needed$77,536
Earnest money paid−$0
Remaining funds due$77,536
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,999.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,515.57
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)$720.00
Initial HOA (3 months)$39.00
Prepaid interest, first (9 days)$579.34
Prepaid interest, second (9 days)$79.89
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 4.67%
Interest already paid$108,201Through Dec 2026
Assumption only · ends Jul 2052$359,885
Assumption + second · ends Jul 2052, second Jan 2057$428,164
New conventional · ends Jan 2057$788,274