Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,028/mo
Lowest payment- Down payment
- $42,404
- Funds due
- $53,224
- Interest + MI left
- $216,708
- First ends
- Sep 2052
Assumption
Assumption + second
$2,303/mo
+$275/mo- Down payment
- $15,404
- Funds due
- $27,553
- Interest + MI left
- $288,755
- First ends
- Sep 2052
New loan
New conventional
$2,440/mo
+$412/mo- Down payment
- $15,404
- Funds due
- $24,188
- Interest + MI left
- $402,786
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $247,496 | $247,496 | $274,496 |
| Second mortgage | — | $27,000 | — |
| First P&I | $1,502.28 | $1,502.28 | $1,859.53 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | — | — | $54.90 |
| Taxes, insurance & HOA | $526.00 | $526.00 | $526.00 |
| Total housing payment | $2,028.28 | $2,303.41 | $2,440.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,404
Closing costs & prepaids$12,148
Usable credit−$0
Total buyer cash needed$27,553
Earnest money paid−$0
Remaining funds due$27,553
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,899.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,237.48
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)$348.00
Initial HOA (3 months)$780.00
Prepaid interest, first (9 days)$336.87
Prepaid interest, second (9 days)$79.06
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 9 moOf the original 30-year loan at 5.52%
Interest already paid$60,112Through Dec 2026
Assumption only · ends Sep 2052$216,708
Assumption + second · ends Sep 2052, second Jan 2057$288,755
New conventional · ends Jan 2057$402,786