Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,834/mo
Lowest payment- Down payment
- $70,313
- Funds due
- $81,316
- Interest + MI left
- $174,536
- First ends
- Jun 2052
Assumption
Assumption + second
$2,116/mo
+$282/mo- Down payment
- $35,313
- Funds due
- $47,644
- Interest + MI left
- $240,919
- First ends
- Jun 2052
New loan
New conventional
$2,545/mo
+$710/mo- Down payment
- $35,313
- Funds due
- $44,042
- Interest + MI left
- $460,124
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $279,687 | $279,687 | $314,687 |
| Second mortgage | — | $35,000 | — |
| First P&I | $1,484.39 | $1,484.39 | $2,131.80 |
| Second P&I | — | $281.62 | — |
| Mortgage insurance | — | — | $62.94 |
| Taxes, insurance & HOA | $350.00 | $350.00 | $350.00 |
| Total housing payment | $1,834.39 | $2,116.01 | $2,544.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,313
Closing costs & prepaids$12,331
Usable credit−$0
Total buyer cash needed$47,644
Earnest money paid−$0
Remaining funds due$47,644
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,398.44
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)$420.00
Initial HOA (3 months)$180.00
Prepaid interest, first (9 days)$286.89
Prepaid interest, second (9 days)$77.67
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$54,844Through Dec 2026
Assumption only · ends Jun 2052$174,536
Assumption + second · ends Jun 2052, second Jan 2057$240,919
New conventional · ends Jan 2057$460,124