Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,248/mo
Lowest payment- Down payment
- $66,859
- Funds due
- $85,449
- Interest + MI left
- $377,238
- First ends
- Jun 2052
Assumption
Assumption + second
$4,564/mo
+$316/mo- Down payment
- $35,859
- Funds due
- $55,789
- Interest + MI left
- $459,958
- First ends
- Jun 2052
New loan
New conventional
$5,574/mo
+$1,326/mo- Down payment
- $35,859
- Funds due
- $50,687
- Interest + MI left
- $973,070
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $632,141 | $632,141 | $663,141 |
| Second mortgage | — | $31,000 | — |
| First P&I | $3,298.62 | $3,298.62 | $4,492.35 |
| Second P&I | — | $315.89 | — |
| Mortgage insurance | — | — | $132.63 |
| Taxes, insurance & HOA | $949.25 | $949.25 | $949.25 |
| Total housing payment | $4,247.87 | $4,563.76 | $5,574.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,859
Closing costs & prepaids$19,931
Usable credit−$0
Total buyer cash needed$55,789
Earnest money paid−$0
Remaining funds due$55,789
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,160.71
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$838.75
Initial HOA (3 months)$1,509.00
Prepaid interest, first (9 days)$623.48
Prepaid interest, second (9 days)$90.77
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%
Interest already paid$119,333Through Dec 2026
Assumption only · ends Jun 2052$377,238
Assumption + second · ends Jun 2052, second Jan 2057$459,958
New conventional · ends Jan 2057$973,070