Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,296/mo
Lowest payment- Down payment
- $83,108
- Funds due
- $95,624
- Interest + MI left
- $192,039
- First ends
- Jun 2052
Assumption
Assumption + second
$2,651/mo
+$354/mo- Down payment
- $39,108
- Funds due
- $52,971
- Interest + MI left
- $275,491
- First ends
- Jun 2052
New loan
New conventional
$3,113/mo
+$817/mo- Down payment
- $39,108
- Funds due
- $49,211
- Interest + MI left
- $513,062
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $306,892 | $306,892 | $350,892 |
| Second mortgage | — | $44,000 | — |
| First P&I | $1,630.50 | $1,630.50 | $2,377.06 |
| Second P&I | — | $354.03 | — |
| Mortgage insurance | — | — | $70.18 |
| Taxes, insurance & HOA | $666.00 | $666.00 | $666.00 |
| Total housing payment | $2,296.50 | $2,650.53 | $3,113.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,108
Closing costs & prepaids$13,864
Usable credit−$0
Total buyer cash needed$52,971
Earnest money paid−$0
Remaining funds due$52,971
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,534.46
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$468.00
Initial HOA (3 months)$1,080.00
Prepaid interest, first (9 days)$315.55
Prepaid interest, second (9 days)$97.64
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 6 moOf the original 30-year loan at 4.17%
Interest already paid$60,319Through Dec 2026
Assumption only · ends Jun 2052$192,039
Assumption + second · ends Jun 2052, second Jan 2057$275,491
New conventional · ends Jan 2057$513,062