Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,191/mo
Lowest payment- Down payment
- $178,033
- Funds due
- $197,332
- Interest + MI left
- $406,076
- First ends
- Jun 2052
Assumption
Assumption + second
$4,988/mo
+$797/mo- Down payment
- $79,033
- Funds due
- $99,631
- Interest + MI left
- $593,844
- First ends
- Jun 2052
New loan
New conventional
$5,940/mo
+$1,749/mo- Down payment
- $79,033
- Funds due
- $93,831
- Interest + MI left
- $1,078,229
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $611,967 | $611,967 | $710,967 |
| Second mortgage | — | $99,000 | — |
| First P&I | $3,316.10 | $3,316.10 | $4,922.59 |
| Second P&I | — | $796.58 | — |
| Mortgage insurance | — | — | $142.19 |
| Taxes, insurance & HOA | $875.00 | $875.00 | $875.00 |
| Total housing payment | $4,191.10 | $4,987.68 | $5,939.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$79,033
Closing costs & prepaids$20,598
Usable credit−$0
Total buyer cash needed$99,631
Earnest money paid−$0
Remaining funds due$99,631
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,059.84
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)$1,975.00
Prepaid interest, first (2 days)$146.70
Prepaid interest, second (2 days)$48.82
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 4.375%
Interest already paid$123,551Through Nov 2026
Assumption only · ends Jun 2052$406,076
Assumption + second · ends Jun 2052, second Dec 2056$593,844
New conventional · ends Dec 2056$1,078,229