Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,336/mo
Lowest payment- Down payment
- $87,518
- Funds due
- $102,574
- Interest + MI left
- $348,702
- First ends
- Jun 2052
Assumption
Assumption + second
$3,578/mo
+$241/mo- Down payment
- $57,518
- Funds due
- $73,831
- Interest + MI left
- $405,602
- First ends
- Jun 2052
New loan
New conventional
$4,299/mo
+$963/mo- Down payment
- $57,518
- Funds due
- $68,810
- Interest + MI left
- $784,796
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $487,482 | $487,482 | $517,482 |
| Second mortgage | — | $30,000 | — |
| First P&I | $2,723.73 | $2,723.73 | $3,582.94 |
| Second P&I | — | $241.39 | — |
| Mortgage insurance | — | — | $103.50 |
| Taxes, insurance & HOA | $612.50 | $612.50 | $612.50 |
| Total housing payment | $3,336.23 | $3,577.62 | $4,298.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,518
Closing costs & prepaids$16,313
Usable credit−$0
Total buyer cash needed$73,831
Earnest money paid−$0
Remaining funds due$73,831
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,437.41
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)$1,284.50
Initial HOA (3 months)$53.01
Prepaid interest, first (1 days)$62.37
Prepaid interest, second (1 days)$7.40
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 4.670%
Interest already paid$104,839Through Nov 2026
Assumption only · ends Jun 2052$348,702
Assumption + second · ends Jun 2052, second Dec 2056$405,602
New conventional · ends Dec 2056$784,796