Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,820/mo
Lowest payment- Down payment
- $194,268
- Funds due
- $212,167
- Interest + MI left
- $414,386
- First ends
- Jul 2052
Assumption
Assumption + second
$4,708/mo
+$888/mo- Down payment
- $73,268
- Funds due
- $92,470
- Interest + MI left
- $613,014
- First ends
- Jul 2052
New loan
New conventional
$5,414/mo
+$1,594/mo- Down payment
- $73,268
- Funds due
- $87,083
- Interest + MI left
- $995,978
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $535,732 | $535,732 | $656,732 |
| Second mortgage | — | $121,000 | — |
| First P&I | $3,084.80 | $3,084.80 | $4,547.08 |
| Second P&I | — | $887.86 | — |
| Mortgage insurance | — | — | $131.35 |
| Taxes, insurance & HOA | $735.42 | $735.42 | $735.42 |
| Total housing payment | $3,820.22 | $4,708.07 | $5,413.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$73,268
Closing costs & prepaids$19,202
Usable credit−$0
Total buyer cash needed$92,470
Earnest money paid−$0
Remaining funds due$92,470
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,678.66
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)$1,196.25
Initial HOA (3 months)$360.00
Prepaid interest, first (2 days)$146.19
Prepaid interest, second (2 days)$53.04
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 4.980%
Interest already paid$120,190Through Nov 2026
Assumption only · ends Jul 2052$414,386
Assumption + second · ends Jul 2052, second Dec 2056$613,014
New conventional · ends Dec 2056$995,978