Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,138/mo
Lowest payment- Down payment
- $197,783
- Funds due
- $210,825
- Interest + MI left
- $217,585
- First ends
- Jun 2052
Assumption
Assumption + second
$3,232/mo
+$1,093/mo- Down payment
- $48,783
- Funds due
- $63,369
- Interest + MI left
- $462,176
- First ends
- Jun 2052
New loan
New conventional
$3,512/mo
+$1,374/mo- Down payment
- $48,783
- Funds due
- $59,549
- Interest + MI left
- $630,278
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $282,117 | $282,117 | $431,117 |
| Second mortgage | — | $149,000 | — |
| First P&I | $1,633.01 | $1,633.01 | $2,920.54 |
| Second P&I | — | $1,093.31 | — |
| Mortgage insurance | — | — | $86.22 |
| Taxes, insurance & HOA | $505.42 | $505.42 | $505.42 |
| Total housing payment | $2,138.43 | $3,231.74 | $3,512.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,783
Closing costs & prepaids$14,586
Usable credit−$0
Total buyer cash needed$63,369
Earnest money paid−$0
Remaining funds due$63,369
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,799.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,410.58
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)$576.00
Initial HOA (3 months)$440.25
Prepaid interest, first (9 days)$347.82
Prepaid interest, second (9 days)$293.92
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 5%
Interest already paid$66,100Through Dec 2026
Assumption only · ends Jun 2052$217,585
Assumption + second · ends Jun 2052, second Jan 2057$462,176
New conventional · ends Jan 2057$630,278