Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,565/mo
Lowest payment- Down payment
- $88,623
- Funds due
- $107,916
- Interest + MI left
- $504,002
- First ends
- Jul 2052
Assumption
Assumption + second
$5,043/mo
+$479/mo- Down payment
- $41,623
- Funds due
- $62,197
- Interest + MI left
- $629,417
- First ends
- Jul 2052
New loan
New conventional
$6,118/mo
+$1,553/mo- Down payment
- $41,623
- Funds due
- $56,161
- Interest + MI left
- $1,192,274
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $736,377 | $736,377 | $783,377 |
| Second mortgage | — | $47,000 | — |
| First P&I | $4,027.20 | $4,027.20 | $5,423.94 |
| Second P&I | — | $478.93 | — |
| Mortgage insurance | — | — | $156.68 |
| Taxes, insurance & HOA | $537.33 | $537.33 | $537.33 |
| Total housing payment | $4,564.54 | $5,043.47 | $6,117.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,623
Closing costs & prepaids$20,573
Usable credit−$0
Total buyer cash needed$62,197
Earnest money paid−$0
Remaining funds due$62,197
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,681.88
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)$962.00
Prepaid interest, first (2 days)$180.77
Prepaid interest, second (2 days)$30.58
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 4.480%
Interest already paid$149,110Through Nov 2026
Assumption only · ends Jul 2052$504,002
Assumption + second · ends Jul 2052, second Dec 2056$629,417
New conventional · ends Dec 2056$1,192,274