Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,661/mo
Lowest payment- Down payment
- $186,683
- Funds due
- $198,324
- Interest + MI left
- $157,123
- First ends
- Jun 2052
Assumption
Assumption + second
$2,703/mo
+$1,042/mo- Down payment
- $44,683
- Funds due
- $57,854
- Interest + MI left
- $390,223
- First ends
- Jun 2052
New loan
New conventional
$3,069/mo
+$1,408/mo- Down payment
- $44,683
- Funds due
- $54,266
- Interest + MI left
- $574,690
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $251,094 | $251,094 | $393,094 |
| Second mortgage | — | $142,000 | — |
| First P&I | $1,334.04 | $1,334.04 | $2,662.96 |
| Second P&I | — | $1,041.95 | — |
| Mortgage insurance | — | — | $78.62 |
| Taxes, insurance & HOA | $327.16 | $327.16 | $327.16 |
| Total housing payment | $1,661.21 | $2,703.15 | $3,068.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,683
Closing costs & prepaids$13,171
Usable credit−$0
Total buyer cash needed$57,854
Earnest money paid−$0
Remaining funds due$57,854
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,377.77
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,255.47
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)$525.25
Initial HOA (3 months)$6.24
Prepaid interest, first (9 days)$258.18
Prepaid interest, second (9 days)$280.11
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 4.17%
Interest already paid$49,352Through Dec 2026
Assumption only · ends Jun 2052$157,123
Assumption + second · ends Jun 2052, second Jan 2057$390,223
New conventional · ends Jan 2057$574,690