Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,036/mo
Lowest payment- Down payment
- $181,505
- Funds due
- $196,498
- Interest + MI left
- $356,357
- First ends
- Jul 2052
Assumption
Assumption + second
$3,946/mo
+$910/mo- Down payment
- $57,505
- Funds due
- $73,992
- Interest + MI left
- $559,910
- First ends
- Jul 2052
New loan
New conventional
$4,184/mo
+$1,148/mo- Down payment
- $57,505
- Funds due
- $69,541
- Interest + MI left
- $749,352
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $388,495 | $388,495 | $512,495 |
| Second mortgage | — | $124,000 | — |
| First P&I | $2,426.23 | $2,426.23 | $3,471.82 |
| Second P&I | — | $909.87 | — |
| Mortgage insurance | — | — | $102.50 |
| Taxes, insurance & HOA | $609.67 | $609.67 | $609.67 |
| Total housing payment | $3,035.90 | $3,945.76 | $4,183.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,505
Closing costs & prepaids$16,488
Usable credit−$0
Total buyer cash needed$73,992
Earnest money paid−$0
Remaining funds due$73,992
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,700.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,942.48
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)$684.00
Initial HOA (3 months)$645.00
Prepaid interest, first (9 days)$553.69
Prepaid interest, second (9 days)$244.60
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 5.78%
Interest already paid$102,685Through Dec 2026
Assumption only · ends Jul 2052$356,357
Assumption + second · ends Jul 2052, second Jan 2057$559,910
New conventional · ends Jan 2057$749,352