Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,594/mo
Lowest payment- Down payment
- $93,271
- Funds due
- $109,062
- Interest + MI left
- $382,801
- First ends
- Jul 2052
Assumption
Assumption + second
$3,843/mo
+$249/mo- Down payment
- $62,271
- Funds due
- $79,320
- Interest + MI left
- $441,597
- First ends
- Jul 2052
New loan
New conventional
$4,613/mo
+$1,020/mo- Down payment
- $62,271
- Funds due
- $74,058
- Interest + MI left
- $845,682
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $526,629 | $526,629 | $557,629 |
| Second mortgage | — | $31,000 | — |
| First P&I | $2,952.69 | $2,952.69 | $3,860.91 |
| Second P&I | — | $249.43 | — |
| Mortgage insurance | — | — | $111.53 |
| Taxes, insurance & HOA | $641.00 | $641.00 | $641.00 |
| Total housing payment | $3,593.69 | $3,843.13 | $4,613.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,271
Closing costs & prepaids$17,049
Usable credit−$0
Total buyer cash needed$79,320
Earnest money paid−$0
Remaining funds due$79,320
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,199.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,633.15
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)$1,357.00
Initial HOA (3 months)$66.00
Prepaid interest, first (1 days)$68.10
Prepaid interest, second (1 days)$7.64
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 8 moOf the original 30-year loan at 4.720%
Interest already paid$112,169Through Nov 2026
Assumption only · ends Jul 2052$382,801
Assumption + second · ends Jul 2052, second Dec 2056$441,597
New conventional · ends Dec 2056$845,682