Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,072/mo
Lowest payment- Down payment
- $76,242
- Funds due
- $91,061
- Interest + MI left
- $316,894
- First ends
- Jun 2052
Assumption
Assumption + second
$3,562/mo
+$489/mo- Down payment
- $28,242
- Funds due
- $44,452
- Interest + MI left
- $444,978
- First ends
- Jun 2052
New loan
New conventional
$4,128/mo
+$1,055/mo- Down payment
- $28,242
- Funds due
- $40,024
- Interest + MI left
- $765,610
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $473,758 | $473,758 | $521,758 |
| Second mortgage | — | $48,000 | — |
| First P&I | $2,583.83 | $2,583.83 | $3,534.57 |
| Second P&I | — | $489.12 | — |
| Mortgage insurance | — | — | $104.35 |
| Taxes, insurance & HOA | $488.67 | $488.67 | $488.67 |
| Total housing payment | $3,072.50 | $3,561.62 | $4,127.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,242
Closing costs & prepaids$16,210
Usable credit−$0
Total buyer cash needed$44,452
Earnest money paid−$0
Remaining funds due$44,452
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,368.79
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)$660.00
Initial HOA (3 months)$306.00
Prepaid interest, first (9 days)$516.33
Prepaid interest, second (9 days)$140.55
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 4.42%
Interest already paid$98,519Through Dec 2026
Assumption only · ends Jun 2052$316,894
Assumption + second · ends Jun 2052, second Jan 2057$444,978
New conventional · ends Jan 2057$765,610