Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,293/mo
Lowest payment- Down payment
- $78,151
- Funds due
- $90,610
- Interest + MI left
- $191,486
- First ends
- Jun 2052
Assumption
Assumption + second
$2,606/mo
+$314/mo- Down payment
- $39,151
- Funds due
- $52,947
- Interest + MI left
- $265,455
- First ends
- Jun 2052
New loan
New conventional
$3,076/mo
+$784/mo- Down payment
- $39,151
- Funds due
- $49,189
- Interest + MI left
- $505,619
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $306,849 | $306,849 | $345,849 |
| Second mortgage | — | $39,000 | — |
| First P&I | $1,628.55 | $1,628.55 | $2,342.90 |
| Second P&I | — | $313.80 | — |
| Mortgage insurance | — | — | $69.17 |
| Taxes, insurance & HOA | $664.00 | $664.00 | $664.00 |
| Total housing payment | $2,292.55 | $2,606.35 | $3,076.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,151
Closing costs & prepaids$13,796
Usable credit−$0
Total buyer cash needed$52,947
Earnest money paid−$0
Remaining funds due$52,947
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,534.25
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)$462.00
Initial HOA (3 months)$1,080.00
Prepaid interest, first (9 days)$314.75
Prepaid interest, second (9 days)$86.55
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 4.16%
Interest already paid$60,171Through Dec 2026
Assumption only · ends Jun 2052$191,486
Assumption + second · ends Jun 2052, second Jan 2057$265,455
New conventional · ends Jan 2057$505,619