Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,787/mo
Lowest payment- Down payment
- $135,003
- Funds due
- $146,506
- Interest + MI left
- $162,694
- First ends
- Jun 2052
Assumption
Assumption + second
$2,552/mo
+$764/mo- Down payment
- $40,003
- Funds due
- $52,967
- Interest + MI left
- $342,875
- First ends
- Jun 2052
New loan
New conventional
$2,882/mo
+$1,095/mo- Down payment
- $40,003
- Funds due
- $49,374
- Interest + MI left
- $519,064
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $259,997 | $259,997 | $354,997 |
| Second mortgage | — | $95,000 | — |
| First P&I | $1,381.35 | $1,381.35 | $2,404.87 |
| Second P&I | — | $764.39 | — |
| Mortgage insurance | — | — | $71.00 |
| Taxes, insurance & HOA | $406.00 | $406.00 | $406.00 |
| Total housing payment | $1,787.35 | $2,551.74 | $2,881.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,003
Closing costs & prepaids$12,964
Usable credit−$0
Total buyer cash needed$52,967
Earnest money paid−$0
Remaining funds due$52,967
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,299.99
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)$474.00
Initial HOA (3 months)$294.00
Prepaid interest, first (9 days)$267.33
Prepaid interest, second (9 days)$210.82
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$51,102Through Dec 2026
Assumption only · ends Jun 2052$162,694
Assumption + second · ends Jun 2052, second Jan 2057$342,875
New conventional · ends Jan 2057$519,064