Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,249/mo
Lowest payment- Down payment
- $82,545
- Funds due
- $94,640
- Interest + MI left
- $193,108
- First ends
- Jun 2052
Assumption
Assumption + second
$2,595/mo
+$346/mo- Down payment
- $39,545
- Funds due
- $52,901
- Interest + MI left
- $274,663
- First ends
- Jun 2052
New loan
New conventional
$3,115/mo
+$866/mo- Down payment
- $39,545
- Funds due
- $48,950
- Interest + MI left
- $531,418
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $307,455 | $307,455 | $350,455 |
| Second mortgage | — | $43,000 | — |
| First P&I | $1,630.50 | $1,630.50 | $2,426.48 |
| Second P&I | — | $345.99 | — |
| Mortgage insurance | — | — | $70.09 |
| Taxes, insurance & HOA | $618.17 | $618.17 | $618.17 |
| Total housing payment | $2,248.66 | $2,594.65 | $3,114.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,545
Closing costs & prepaids$13,356
Usable credit−$0
Total buyer cash needed$52,901
Earnest money paid−$0
Remaining funds due$52,901
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%)$1,537.27
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)$324.50
Initial HOA (3 months)$1,080.00
Prepaid interest, first (1 days)$35.13
Prepaid interest, second (1 days)$10.60
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 4.170%
Interest already paid$59,251Through Nov 2026
Assumption only · ends Jun 2052$193,108
Assumption + second · ends Jun 2052, second Dec 2056$274,663
New conventional · ends Dec 2056$531,418