Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,841/mo
Lowest payment- Down payment
- $143,582
- Funds due
- $160,044
- Interest + MI left
- $449,101
- First ends
- Oct 2052
Assumption
Assumption + second
$4,460/mo
+$620/mo- Down payment
- $66,582
- Funds due
- $84,313
- Interest + MI left
- $595,143
- First ends
- Oct 2052
New loan
New conventional
$4,982/mo
+$1,142/mo- Down payment
- $66,582
- Funds due
- $79,022
- Interest + MI left
- $907,221
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $521,207 | $521,207 | $598,207 |
| Second mortgage | — | $77,000 | — |
| First P&I | $3,119.96 | $3,119.96 | $4,141.86 |
| Second P&I | — | $619.56 | — |
| Mortgage insurance | — | — | $119.64 |
| Taxes, insurance & HOA | $720.67 | $720.67 | $720.67 |
| Total housing payment | $3,840.63 | $4,460.19 | $4,982.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$66,582
Closing costs & prepaids$17,730
Usable credit−$0
Total buyer cash needed$84,313
Earnest money paid−$0
Remaining funds due$84,313
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,647.89
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,606.03
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)$1,662.00
Prepaid interest, first (1 days)$77.25
Prepaid interest, second (1 days)$18.99
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 11 moOf the original 30-year loan at 5.410%
Interest already paid$119,085Through Nov 2026
Assumption only · ends Oct 2052$449,101
Assumption + second · ends Oct 2052, second Dec 2056$595,143
New conventional · ends Dec 2056$907,221