Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,719/mo
Lowest payment- Down payment
- $84,089
- Funds due
- $97,072
- Interest + MI left
- $283,029
- First ends
- Jul 2052
Assumption
Assumption + second
$3,032/mo
+$314/mo- Down payment
- $45,089
- Funds due
- $59,332
- Interest + MI left
- $356,998
- First ends
- Jul 2052
New loan
New conventional
$3,496/mo
+$778/mo- Down payment
- $45,089
- Funds due
- $55,030
- Interest + MI left
- $614,073
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $365,910 | $365,910 | $404,910 |
| Second mortgage | — | $39,000 | — |
| First P&I | $2,106.94 | $2,106.94 | $2,803.52 |
| Second P&I | — | $313.80 | — |
| Mortgage insurance | — | — | $80.98 |
| Taxes, insurance & HOA | $611.75 | $611.75 | $611.75 |
| Total housing payment | $2,718.69 | $3,032.50 | $3,496.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,089
Closing costs & prepaids$14,242
Usable credit−$0
Total buyer cash needed$59,332
Earnest money paid−$0
Remaining funds due$59,332
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,499.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,829.55
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)$1,091.25
Initial HOA (3 months)$294.00
Prepaid interest, first (1 days)$49.92
Prepaid interest, second (1 days)$9.62
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 8 moOf the original 30-year loan at 4.980%
Interest already paid$82,091Through Nov 2026
Assumption only · ends Jul 2052$283,029
Assumption + second · ends Jul 2052, second Dec 2056$356,998
New conventional · ends Dec 2056$614,073