Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,246/mo
Lowest payment- Down payment
- $92,653
- Funds due
- $107,674
- Interest + MI left
- $386,085
- First ends
- Jul 2052
Assumption
Assumption + second
$3,520/mo
+$274/mo- Down payment
- $58,653
- Funds due
- $74,999
- Interest + MI left
- $450,571
- First ends
- Jul 2052
New loan
New conventional
$4,037/mo
+$791/mo- Down payment
- $58,653
- Funds due
- $70,168
- Interest + MI left
- $762,296
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $487,347 | $487,347 | $521,347 |
| Second mortgage | — | $34,000 | — |
| First P&I | $2,845.06 | $2,845.06 | $3,531.79 |
| Second P&I | — | $273.57 | — |
| Mortgage insurance | — | — | $104.27 |
| Taxes, insurance & HOA | $401.17 | $401.17 | $401.17 |
| Total housing payment | $3,246.22 | $3,519.80 | $4,037.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,653
Closing costs & prepaids$16,347
Usable credit−$0
Total buyer cash needed$74,999
Earnest money paid−$0
Remaining funds due$74,999
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,436.74
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)$696.00
Initial HOA (3 months)$7.50
Prepaid interest, first (9 days)$612.86
Prepaid interest, second (9 days)$75.45
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 5.1%
Interest already paid$114,135Through Dec 2026
Assumption only · ends Jul 2052$386,085
Assumption + second · ends Jul 2052, second Jan 2057$450,571
New conventional · ends Jan 2057$762,296