Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,661/mo
Lowest payment- Down payment
- $192,968
- Funds due
- $219,967
- Interest + MI left
- $711,004
- First ends
- Jun 2052
Assumption
Assumption + second
$7,096/mo
+$434/mo- Down payment
- $138,968
- Funds due
- $167,244
- Interest + MI left
- $813,423
- First ends
- Jun 2052
New loan
New conventional
$9,320/mo
+$2,658/mo- Down payment
- $138,968
- Funds due
- $158,093
- Interest + MI left
- $1,882,109
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $1,187,032 | $1,187,032 | $1,241,032 |
| Second mortgage | — | $54,000 | — |
| First P&I | $6,182.53 | $6,182.53 | $8,592.65 |
| Second P&I | — | $434.50 | — |
| Mortgage insurance | — | — | $248.21 |
| Taxes, insurance & HOA | $478.75 | $478.75 | $478.75 |
| Total housing payment | $6,661.28 | $7,095.77 | $9,319.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$138,968
Closing costs & prepaids$28,276
Usable credit−$0
Total buyer cash needed$167,244
Earnest money paid−$0
Remaining funds due$167,244
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$13,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$5,935.16
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)$786.25
Prepaid interest, first (2 days)$260.17
Prepaid interest, second (2 days)$26.63
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 7 moOf the original 30-year loan at 4.000%
Interest already paid$219,706Through Nov 2026
Assumption only · ends Jun 2052$711,004
Assumption + second · ends Jun 2052, second Dec 2056$813,423
New conventional · ends Dec 2056$1,882,109