Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,808/mo
Lowest payment- Down payment
- $97,596
- Funds due
- $111,846
- Interest + MI left
- $285,889
- First ends
- Jun 2052
Assumption
Assumption + second
$3,170/mo
+$362/mo- Down payment
- $52,596
- Funds due
- $68,196
- Interest + MI left
- $371,238
- First ends
- Jun 2052
New loan
New conventional
$3,771/mo
+$964/mo- Down payment
- $52,596
- Funds due
- $63,761
- Interest + MI left
- $690,733
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $427,404 | $427,404 | $472,404 |
| Second mortgage | — | $45,000 | — |
| First P&I | $2,331.02 | $2,331.02 | $3,200.23 |
| Second P&I | — | $362.08 | — |
| Mortgage insurance | — | — | $94.48 |
| Taxes, insurance & HOA | $476.67 | $476.67 | $476.67 |
| Total housing payment | $2,807.69 | $3,169.77 | $3,771.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,596
Closing costs & prepaids$15,601
Usable credit−$0
Total buyer cash needed$68,196
Earnest money paid−$0
Remaining funds due$68,196
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,137.02
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)$630.00
Initial HOA (3 months)$300.00
Prepaid interest, first (9 days)$465.81
Prepaid interest, second (9 days)$99.86
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 4.42%
Interest already paid$88,880Through Dec 2026
Assumption only · ends Jun 2052$285,889
Assumption + second · ends Jun 2052, second Jan 2057$371,238
New conventional · ends Jan 2057$690,733