Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,636/mo
Lowest payment- Down payment
- $230,638
- Funds due
- $242,138
- Interest + MI left
- $157,495
- First ends
- Jul 2052
Assumption
Assumption + second
$3,016/mo
+$1,379/mo- Down payment
- $42,638
- Funds due
- $55,471
- Interest + MI left
- $466,107
- First ends
- Jul 2052
New loan
New conventional
$3,198/mo
+$1,562/mo- Down payment
- $42,638
- Funds due
- $52,070
- Interest + MI left
- $572,219
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $189,362 | $189,362 | $377,362 |
| Second mortgage | — | $188,000 | — |
| First P&I | $1,126.16 | $1,126.16 | $2,612.78 |
| Second P&I | — | $1,379.48 | — |
| Mortgage insurance | — | — | $75.47 |
| Taxes, insurance & HOA | $510.00 | $510.00 | $510.00 |
| Total housing payment | $1,636.16 | $3,015.64 | $3,198.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,638
Closing costs & prepaids$12,832
Usable credit−$0
Total buyer cash needed$55,471
Earnest money paid−$0
Remaining funds due$55,471
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$946.81
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)$513.00
Initial HOA (3 months)$567.00
Prepaid interest, first (2 days)$54.99
Prepaid interest, second (2 days)$82.41
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 5.300%
Interest already paid$45,122Through Nov 2026
Assumption only · ends Jul 2052$157,495
Assumption + second · ends Jul 2052, second Dec 2056$466,107
New conventional · ends Dec 2056$572,219