Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,863/mo
Lowest payment- Down payment
- $135,984
- Funds due
- $147,478
- Interest + MI left
- $175,246
- First ends
- Jun 2052
Assumption
Assumption + second
$2,619/mo
+$756/mo- Down payment
- $41,984
- Funds due
- $54,751
- Interest + MI left
- $353,530
- First ends
- Jun 2052
New loan
New conventional
$3,040/mo
+$1,178/mo- Down payment
- $41,984
- Funds due
- $50,914
- Interest + MI left
- $565,629
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $279,016 | $279,016 | $373,016 |
| Second mortgage | — | $94,000 | — |
| First P&I | $1,479.68 | $1,479.68 | $2,582.69 |
| Second P&I | — | $756.35 | — |
| Mortgage insurance | — | — | $74.60 |
| Taxes, insurance & HOA | $383.00 | $383.00 | $383.00 |
| Total housing payment | $1,862.68 | $2,619.03 | $3,040.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,984
Closing costs & prepaids$12,767
Usable credit−$0
Total buyer cash needed$54,751
Earnest money paid−$0
Remaining funds due$54,751
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%)$1,395.08
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)$399.00
Initial HOA (3 months)$300.00
Prepaid interest, first (1 days)$31.88
Prepaid interest, second (1 days)$23.18
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 7 moOf the original 30-year loan at 4.170%
Interest already paid$53,770Through Nov 2026
Assumption only · ends Jun 2052$175,246
Assumption + second · ends Jun 2052, second Dec 2056$353,530
New conventional · ends Dec 2056$565,629