Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,647/mo
Lowest payment- Down payment
- $98,990
- Funds due
- $109,827
- Interest + MI left
- $146,288
- First ends
- Jun 2052
Assumption
Assumption + second
$2,154/mo
+$507/mo- Down payment
- $35,990
- Funds due
- $48,217
- Interest + MI left
- $265,776
- First ends
- Jun 2052
New loan
New conventional
$2,557/mo
+$910/mo- Down payment
- $35,990
- Funds due
- $44,716
- Interest + MI left
- $466,445
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $256,010 | $256,010 | $319,010 |
| Second mortgage | — | $63,000 | — |
| First P&I | $1,314.70 | $1,314.70 | $2,161.08 |
| Second P&I | — | $506.91 | — |
| Mortgage insurance | — | — | $63.80 |
| Taxes, insurance & HOA | $332.00 | $332.00 | $332.00 |
| Total housing payment | $1,646.70 | $2,153.61 | $2,556.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,990
Closing costs & prepaids$12,227
Usable credit−$0
Total buyer cash needed$48,217
Earnest money paid−$0
Remaining funds due$48,217
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,550.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,280.05
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)$426.00
Initial HOA (3 months)$120.00
Prepaid interest, first (9 days)$243.03
Prepaid interest, second (9 days)$139.81
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 3.85%
Interest already paid$46,570Through Dec 2026
Assumption only · ends Jun 2052$146,288
Assumption + second · ends Jun 2052, second Jan 2057$265,776
New conventional · ends Jan 2057$466,445