Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,337/mo
Lowest payment- Down payment
- $76,992
- Funds due
- $89,568
- Interest + MI left
- $200,866
- First ends
- Jun 2052
Assumption
Assumption + second
$2,634/mo
+$298/mo- Down payment
- $39,992
- Funds due
- $53,901
- Interest + MI left
- $271,041
- First ends
- Jun 2052
New loan
New conventional
$3,128/mo
+$791/mo- Down payment
- $39,992
- Funds due
- $50,074
- Interest + MI left
- $523,452
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $320,998 | $320,998 | $357,998 |
| Second mortgage | — | $37,000 | — |
| First P&I | $1,705.44 | $1,705.44 | $2,425.20 |
| Second P&I | — | $297.71 | — |
| Mortgage insurance | — | — | $71.60 |
| Taxes, insurance & HOA | $631.17 | $631.17 | $631.17 |
| Total housing payment | $2,336.60 | $2,634.31 | $3,127.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,992
Closing costs & prepaids$13,909
Usable credit−$0
Total buyer cash needed$53,901
Earnest money paid−$0
Remaining funds due$53,901
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,979.90
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,604.99
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)$477.50
Initial HOA (3 months)$966.00
Prepaid interest, first (9 days)$330.06
Prepaid interest, second (9 days)$82.11
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 6 moOf the original 30-year loan at 4.17%
Interest already paid$63,092Through Dec 2026
Assumption only · ends Jun 2052$200,866
Assumption + second · ends Jun 2052, second Jan 2057$271,041
New conventional · ends Jan 2057$523,452