Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,483/mo
Lowest payment- Down payment
- $119,340
- Funds due
- $134,732
- Interest + MI left
- $410,998
- First ends
- Jul 2052
Assumption
Assumption + second
$3,926/mo
+$443/mo- Down payment
- $64,340
- Funds due
- $80,996
- Interest + MI left
- $515,313
- First ends
- Jul 2052
New loan
New conventional
$4,540/mo
+$1,057/mo- Down payment
- $64,340
- Funds due
- $75,761
- Interest + MI left
- $865,330
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $515,660 | $515,660 | $570,660 |
| Second mortgage | — | $55,000 | — |
| First P&I | $3,008.63 | $3,008.63 | $3,951.13 |
| Second P&I | — | $442.54 | — |
| Mortgage insurance | — | — | $114.13 |
| Taxes, insurance & HOA | $474.50 | $474.50 | $474.50 |
| Total housing payment | $3,483.13 | $3,925.67 | $4,539.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$64,340
Closing costs & prepaids$16,656
Usable credit−$0
Total buyer cash needed$80,996
Earnest money paid−$0
Remaining funds due$80,996
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,578.30
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$691.50
Initial HOA (3 months)$231.99
Prepaid interest, first (1 days)$72.19
Prepaid interest, second (1 days)$13.56
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 8 moOf the original 30-year loan at 5.110%
Interest already paid$118,608Through Nov 2026
Assumption only · ends Jul 2052$410,998
Assumption + second · ends Jul 2052, second Dec 2056$515,313
New conventional · ends Dec 2056$865,330