Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,784/mo
Lowest payment- Down payment
- $134,526
- Funds due
- $145,786
- Interest + MI left
- $163,600
- First ends
- Jun 2052
Assumption
Assumption + second
$2,549/mo
+$764/mo- Down payment
- $39,526
- Funds due
- $52,059
- Interest + MI left
- $343,780
- First ends
- Jun 2052
New loan
New conventional
$2,935/mo
+$1,151/mo- Down payment
- $39,526
- Funds due
- $48,337
- Interest + MI left
- $539,100
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $260,474 | $260,474 | $355,474 |
| Second mortgage | — | $95,000 | — |
| First P&I | $1,381.35 | $1,381.35 | $2,461.23 |
| Second P&I | — | $764.39 | — |
| Mortgage insurance | — | — | $71.09 |
| Taxes, insurance & HOA | $403.00 | $403.00 | $403.00 |
| Total housing payment | $1,784.35 | $2,548.74 | $2,935.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,526
Closing costs & prepaids$12,533
Usable credit−$0
Total buyer cash needed$52,059
Earnest money paid−$0
Remaining funds due$52,059
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,302.37
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)$465.00
Initial HOA (3 months)$294.00
Prepaid interest, first (1 days)$29.76
Prepaid interest, second (1 days)$23.42
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$50,197Through Nov 2026
Assumption only · ends Jun 2052$163,600
Assumption + second · ends Jun 2052, second Dec 2056$343,780
New conventional · ends Dec 2056$539,100