Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,479/mo
Lowest payment- Down payment
- $190,341
- Funds due
- $211,057
- Interest + MI left
- $474,019
- First ends
- Jun 2052
Assumption
Assumption + second
$5,213/mo
+$734/mo- Down payment
- $90,341
- Funds due
- $112,504
- Interest + MI left
- $638,174
- First ends
- Jun 2052
New loan
New conventional
$6,254/mo
+$1,775/mo- Down payment
- $90,341
- Funds due
- $106,477
- Interest + MI left
- $1,182,393
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $708,659 | $708,659 | $808,659 |
| Second mortgage | — | $100,000 | — |
| First P&I | $3,864.96 | $3,864.96 | $5,478.14 |
| Second P&I | — | $733.76 | — |
| Mortgage insurance | — | — | $161.73 |
| Taxes, insurance & HOA | $614.17 | $614.17 | $614.17 |
| Total housing payment | $4,479.13 | $5,212.90 | $6,254.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$90,341
Closing costs & prepaids$22,163
Usable credit−$0
Total buyer cash needed$112,504
Earnest money paid−$0
Remaining funds due$112,504
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,543.30
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)$1,078.75
Initial HOA (3 months)$113.76
Prepaid interest, first (9 days)$772.34
Prepaid interest, second (9 days)$197.26
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 6 moOf the original 30-year loan at 4.42%
Interest already paid$147,367Through Dec 2026
Assumption only · ends Jun 2052$474,019
Assumption + second · ends Jun 2052, second Jan 2057$638,174
New conventional · ends Jan 2057$1,182,393