Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,803/mo
Lowest payment- Down payment
- $149,439
- Funds due
- $161,228
- Interest + MI left
- $154,880
- First ends
- Jun 2052
Assumption
Assumption + second
$2,588/mo
+$785/mo- Down payment
- $42,439
- Funds due
- $55,689
- Interest + MI left
- $330,526
- First ends
- Jun 2052
New loan
New conventional
$3,027/mo
+$1,224/mo- Down payment
- $42,439
- Funds due
- $52,086
- Interest + MI left
- $544,671
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $265,561 | $265,561 | $372,561 |
| Second mortgage | — | $107,000 | — |
| First P&I | $1,373.99 | $1,373.99 | $2,523.86 |
| Second P&I | — | $785.13 | — |
| Mortgage insurance | — | — | $74.51 |
| Taxes, insurance & HOA | $429.00 | $429.00 | $429.00 |
| Total housing payment | $1,802.99 | $2,588.12 | $3,027.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,439
Closing costs & prepaids$13,251
Usable credit−$0
Total buyer cash needed$55,689
Earnest money paid−$0
Remaining funds due$55,689
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,327.81
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)$498.00
Initial HOA (3 months)$339.00
Prepaid interest, first (9 days)$256.69
Prepaid interest, second (9 days)$211.07
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 3.92%
Interest already paid$49,159Through Dec 2026
Assumption only · ends Jun 2052$154,880
Assumption + second · ends Jun 2052, second Jan 2057$330,526
New conventional · ends Jan 2057$544,671