Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,775/mo
Lowest payment- Down payment
- $173,066
- Funds due
- $189,716
- Interest + MI left
- $330,451
- First ends
- Aug 2052
Assumption
Assumption + second
$4,677/mo
+$903/mo- Down payment
- $50,066
- Funds due
- $68,020
- Interest + MI left
- $532,362
- First ends
- Aug 2052
New loan
New conventional
$4,849/mo
+$1,074/mo- Down payment
- $50,066
- Funds due
- $63,864
- Interest + MI left
- $680,839
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $325,934 | $325,934 | $448,934 |
| Second mortgage | — | $123,000 | — |
| First P&I | $2,124.22 | $2,124.22 | $3,108.33 |
| Second P&I | — | $902.53 | — |
| Mortgage insurance | — | — | $89.79 |
| Taxes, insurance & HOA | $1,650.50 | $1,650.50 | $1,650.50 |
| Total housing payment | $3,774.72 | $4,677.25 | $4,848.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,066
Closing costs & prepaids$17,955
Usable credit−$0
Total buyer cash needed$68,020
Earnest money paid−$0
Remaining funds due$68,020
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,629.67
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)$1,247.50
Initial HOA (3 months)$3,204.00
Prepaid interest, first (2 days)$111.62
Prepaid interest, second (2 days)$53.92
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 9 moOf the original 30-year loan at 6.250%
Interest already paid$89,270Through Nov 2026
Assumption only · ends Aug 2052$330,451
Assumption + second · ends Aug 2052, second Dec 2056$532,362
New conventional · ends Dec 2056$680,839