Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,629/mo
Lowest payment- Down payment
- $208,753
- Funds due
- $227,209
- Interest + MI left
- $314,453
- First ends
- May 2052
Assumption
Assumption + second
$4,591/mo
+$961/mo- Down payment
- $77,753
- Funds due
- $97,488
- Interest + MI left
- $529,496
- First ends
- May 2052
New loan
New conventional
$5,714/mo
+$2,085/mo- Down payment
- $77,753
- Funds due
- $91,895
- Interest + MI left
- $1,055,905
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $565,247 | $565,247 | $696,247 |
| Second mortgage | — | $131,000 | — |
| First P&I | $2,874.84 | $2,874.84 | $4,820.67 |
| Second P&I | — | $961.23 | — |
| Mortgage insurance | — | — | $139.25 |
| Taxes, insurance & HOA | $754.50 | $754.50 | $754.50 |
| Total housing payment | $3,629.34 | $4,590.57 | $5,714.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$77,753
Closing costs & prepaids$19,735
Usable credit−$0
Total buyer cash needed$97,488
Earnest money paid−$0
Remaining funds due$97,488
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,740.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,826.23
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)$1,613.50
Prepaid interest, first (1 days)$58.23
Prepaid interest, second (1 days)$28.71
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 6 moOf the original 30-year loan at 3.760%
Interest already paid$100,488Through Nov 2026
Assumption only · ends May 2052$314,453
Assumption + second · ends May 2052, second Dec 2056$529,496
New conventional · ends Dec 2056$1,055,905