Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,876/mo
Lowest payment- Down payment
- $112,732
- Funds due
- $132,561
- Interest + MI left
- $547,792
- First ends
- Aug 2052
Assumption
Assumption + second
$5,134/mo
+$257/mo- Down payment
- $80,732
- Funds due
- $101,826
- Interest + MI left
- $608,485
- First ends
- Aug 2052
New loan
New conventional
$5,999/mo
+$1,123/mo- Down payment
- $80,732
- Funds due
- $95,628
- Interest + MI left
- $1,089,158
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $686,268 | $686,268 | $718,268 |
| Second mortgage | — | $32,000 | — |
| First P&I | $3,993.72 | $3,993.72 | $4,973.14 |
| Second P&I | — | $257.48 | — |
| Mortgage insurance | — | — | $143.65 |
| Taxes, insurance & HOA | $882.50 | $882.50 | $882.50 |
| Total housing payment | $4,876.22 | $5,133.70 | $5,999.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$80,732
Closing costs & prepaids$21,094
Usable credit−$0
Total buyer cash needed$101,826
Earnest money paid−$0
Remaining funds due$101,826
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,431.34
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)$1,997.50
Prepaid interest, first (2 days)$191.78
Prepaid interest, second (2 days)$15.78
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 9 moOf the original 30-year loan at 5.100%
Interest already paid$154,388Through Nov 2026
Assumption only · ends Aug 2052$547,792
Assumption + second · ends Aug 2052, second Dec 2056$608,485
New conventional · ends Dec 2056$1,089,158