Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,884/mo
Lowest payment- Down payment
- $87,015
- Funds due
- $97,777
- Interest + MI left
- $225,482
- First ends
- Sep 2052
Assumption
Assumption + second
$2,311/mo
+$426/mo- Down payment
- $34,015
- Funds due
- $46,145
- Interest + MI left
- $326,004
- First ends
- Sep 2052
New loan
New conventional
$2,451/mo
+$567/mo- Down payment
- $34,015
- Funds due
- $42,589
- Interest + MI left
- $440,030
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $247,985 | $247,985 | $300,985 |
| Second mortgage | — | $53,000 | — |
| First P&I | $1,532.26 | $1,532.26 | $2,038.98 |
| Second P&I | — | $426.45 | — |
| Mortgage insurance | — | — | $60.20 |
| Taxes, insurance & HOA | $352.00 | $352.00 | $352.00 |
| Total housing payment | $1,884.26 | $2,310.71 | $2,451.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,015
Closing costs & prepaids$12,130
Usable credit−$0
Total buyer cash needed$46,145
Earnest money paid−$0
Remaining funds due$46,145
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,239.93
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)$402.00
Initial HOA (3 months)$204.00
Prepaid interest, first (9 days)$348.54
Prepaid interest, second (9 days)$117.62
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 5.7%
Interest already paid$62,130Through Dec 2026
Assumption only · ends Sep 2052$225,482
Assumption + second · ends Sep 2052, second Jan 2057$326,004
New conventional · ends Jan 2057$440,030