Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,632/mo
Lowest payment- Down payment
- $99,332
- Funds due
- $110,161
- Interest + MI left
- $142,231
- First ends
- Jun 2052
Assumption
Assumption + second
$2,139/mo
+$507/mo- Down payment
- $36,332
- Funds due
- $48,551
- Interest + MI left
- $261,720
- First ends
- Jun 2052
New loan
New conventional
$2,555/mo
+$922/mo- Down payment
- $36,332
- Funds due
- $45,054
- Interest + MI left
- $465,882
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $255,668 | $255,668 | $318,668 |
| Second mortgage | — | $63,000 | — |
| First P&I | $1,300.33 | $1,300.33 | $2,158.77 |
| Second P&I | — | $506.91 | — |
| Mortgage insurance | — | — | $63.73 |
| Taxes, insurance & HOA | $332.00 | $332.00 | $332.00 |
| Total housing payment | $1,632.33 | $2,139.24 | $2,554.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,332
Closing costs & prepaids$12,219
Usable credit−$0
Total buyer cash needed$48,551
Earnest money paid−$0
Remaining funds due$48,551
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,550.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,278.34
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)$426.00
Initial HOA (3 months)$120.00
Prepaid interest, first (9 days)$237.04
Prepaid interest, second (9 days)$139.81
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 3.76%
Interest already paid$45,452Through Dec 2026
Assumption only · ends Jun 2052$142,231
Assumption + second · ends Jun 2052, second Jan 2057$261,720
New conventional · ends Jan 2057$465,882