Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,235/mo
Lowest payment- Down payment
- $181,396
- Funds due
- $200,673
- Interest + MI left
- $448,901
- First ends
- Jun 2052
Assumption
Assumption + second
$5,008/mo
+$772/mo- Down payment
- $85,396
- Funds due
- $105,947
- Interest + MI left
- $630,978
- First ends
- Jun 2052
New loan
New conventional
$6,042/mo
+$1,807/mo- Down payment
- $85,396
- Funds due
- $99,757
- Interest + MI left
- $1,159,573
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $668,604 | $668,604 | $764,604 |
| Second mortgage | — | $96,000 | — |
| First P&I | $3,640.08 | $3,640.08 | $5,293.96 |
| Second P&I | — | $772.44 | — |
| Mortgage insurance | — | — | $152.92 |
| Taxes, insurance & HOA | $595.08 | $595.08 | $595.08 |
| Total housing payment | $4,235.16 | $5,007.60 | $6,041.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$85,396
Closing costs & prepaids$20,551
Usable credit−$0
Total buyer cash needed$105,947
Earnest money paid−$0
Remaining funds due$105,947
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,343.02
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)$910.25
Initial HOA (3 months)$225.00
Prepaid interest, first (1 days)$80.97
Prepaid interest, second (1 days)$23.67
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 7 moOf the original 30-year loan at 4.420%
Interest already paid$136,330Through Nov 2026
Assumption only · ends Jun 2052$448,901
Assumption + second · ends Jun 2052, second Dec 2056$630,978
New conventional · ends Dec 2056$1,159,573