Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,010/mo
Lowest payment- Down payment
- $126,914
- Funds due
- $138,687
- Interest + MI left
- $210,435
- First ends
- Jul 2052
Assumption
Assumption + second
$2,702/mo
+$692/mo- Down payment
- $40,914
- Funds due
- $54,128
- Interest + MI left
- $373,546
- First ends
- Jul 2052
New loan
New conventional
$2,939/mo
+$929/mo- Down payment
- $40,914
- Funds due
- $50,421
- Interest + MI left
- $524,970
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $273,085 | $273,085 | $359,085 |
| Second mortgage | — | $86,000 | — |
| First P&I | $1,574.99 | $1,574.99 | $2,432.57 |
| Second P&I | — | $691.98 | — |
| Mortgage insurance | — | — | $71.82 |
| Taxes, insurance & HOA | $435.00 | $435.00 | $435.00 |
| Total housing payment | $2,009.99 | $2,701.96 | $2,939.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,914
Closing costs & prepaids$13,215
Usable credit−$0
Total buyer cash needed$54,128
Earnest money paid−$0
Remaining funds due$54,128
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,999.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,365.43
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)$480.00
Initial HOA (3 months)$375.00
Prepaid interest, first (9 days)$335.33
Prepaid interest, second (9 days)$190.85
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 7 moOf the original 30-year loan at 4.98%
Interest already paid$62,500Through Dec 2026
Assumption only · ends Jul 2052$210,435
Assumption + second · ends Jul 2052, second Jan 2057$373,546
New conventional · ends Jan 2057$524,970