Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,736/mo
Lowest payment- Down payment
- $55,121
- Funds due
- $68,269
- Interest + MI left
- $256,343
- First ends
- Jul 2052
Assumption
Assumption + second
$3,073/mo
+$336/mo- Down payment
- $22,121
- Funds due
- $36,541
- Interest + MI left
- $344,400
- First ends
- Jul 2052
New loan
New conventional
$3,631/mo
+$895/mo- Down payment
- $22,121
- Funds due
- $32,408
- Interest + MI left
- $635,998
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $384,879 | $384,879 | $417,879 |
| Second mortgage | — | $33,000 | — |
| First P&I | $2,081.89 | $2,081.89 | $2,893.31 |
| Second P&I | — | $336.27 | — |
| Mortgage insurance | — | — | $83.58 |
| Taxes, insurance & HOA | $654.58 | $654.58 | $654.58 |
| Total housing payment | $2,736.47 | $3,072.74 | $3,631.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,121
Closing costs & prepaids$14,420
Usable credit−$0
Total buyer cash needed$36,541
Earnest money paid−$0
Remaining funds due$36,541
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,924.40
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)$1,189.75
Initial HOA (3 months)$324.00
Prepaid interest, first (2 days)$92.27
Prepaid interest, second (2 days)$21.47
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 4.375%
Interest already paid$76,163Through Nov 2026
Assumption only · ends Jul 2052$256,343
Assumption + second · ends Jul 2052, second Dec 2056$344,400
New conventional · ends Dec 2056$635,998