Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,042/mo
Lowest payment- Down payment
- $61,244
- Funds due
- $72,098
- Interest + MI left
- $224,903
- First ends
- Aug 2052
Assumption
Assumption + second
$2,252/mo
+$209/mo- Down payment
- $35,244
- Funds due
- $47,354
- Interest + MI left
- $274,216
- First ends
- Aug 2052
New loan
New conventional
$2,595/mo
+$553/mo- Down payment
- $35,244
- Funds due
- $43,567
- Interest + MI left
- $466,610
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $281,756 | $281,756 | $307,756 |
| Second mortgage | — | $26,000 | — |
| First P&I | $1,639.68 | $1,639.68 | $2,130.84 |
| Second P&I | — | $209.20 | — |
| Mortgage insurance | — | — | $61.55 |
| Taxes, insurance & HOA | $402.75 | $402.75 | $402.75 |
| Total housing payment | $2,042.43 | $2,251.63 | $2,595.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,244
Closing costs & prepaids$12,111
Usable credit−$0
Total buyer cash needed$47,354
Earnest money paid−$0
Remaining funds due$47,354
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,430.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,408.78
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)$320.25
Initial HOA (3 months)$438.00
Prepaid interest, first (1 days)$39.37
Prepaid interest, second (1 days)$6.41
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 9 moOf the original 30-year loan at 5.100%
Interest already paid$63,386Through Nov 2026
Assumption only · ends Aug 2052$224,903
Assumption + second · ends Aug 2052, second Dec 2056$274,216
New conventional · ends Dec 2056$466,610