Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,708/mo
Lowest payment- Down payment
- $51,063
- Funds due
- $60,812
- Interest + MI left
- $189,792
- First ends
- Sep 2052
Assumption
Assumption + second
$2,085/mo
+$377/mo- Down payment
- $14,063
- Funds due
- $25,074
- Interest + MI left
- $288,523
- First ends
- Sep 2052
New loan
New conventional
$2,201/mo
+$493/mo- Down payment
- $14,063
- Funds due
- $21,817
- Interest + MI left
- $384,911
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $215,937 | $215,937 | $252,937 |
| Second mortgage | — | $37,000 | — |
| First P&I | $1,308.80 | $1,308.80 | $1,751.28 |
| Second P&I | — | $377.03 | — |
| Mortgage insurance | — | — | $50.59 |
| Taxes, insurance & HOA | $399.42 | $399.42 | $399.42 |
| Total housing payment | $1,708.22 | $2,085.25 | $2,201.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$14,063
Closing costs & prepaids$11,011
Usable credit−$0
Total buyer cash needed$25,074
Earnest money paid−$0
Remaining funds due$25,074
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,670.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,079.68
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)$463.25
Initial HOA (3 months)$285.00
Prepaid interest, first (1 days)$32.66
Prepaid interest, second (1 days)$12.04
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 10 moOf the original 30-year loan at 5.520%
Interest already paid$51,377Through Nov 2026
Assumption only · ends Sep 2052$189,792
Assumption + second · ends Sep 2052, second Dec 2056$288,523
New conventional · ends Dec 2056$384,911