Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,592/mo
Lowest payment- Down payment
- $98,834
- Funds due
- $109,334
- Interest + MI left
- $143,034
- First ends
- Jun 2052
Assumption
Assumption + second
$2,099/mo
+$507/mo- Down payment
- $35,834
- Funds due
- $47,600
- Interest + MI left
- $262,522
- First ends
- Jun 2052
New loan
New conventional
$2,565/mo
+$973/mo- Down payment
- $35,834
- Funds due
- $43,941
- Interest + MI left
- $484,037
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $256,166 | $256,166 | $319,166 |
| Second mortgage | — | $63,000 | — |
| First P&I | $1,300.33 | $1,300.33 | $2,209.84 |
| Second P&I | — | $506.91 | — |
| Mortgage insurance | — | — | $63.83 |
| Taxes, insurance & HOA | $291.75 | $291.75 | $291.75 |
| Total housing payment | $1,592.08 | $2,098.99 | $2,565.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,834
Closing costs & prepaids$11,766
Usable credit−$0
Total buyer cash needed$47,600
Earnest money paid−$0
Remaining funds due$47,600
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,550.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,280.83
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)$305.25
Initial HOA (3 months)$120.00
Prepaid interest, first (1 days)$26.39
Prepaid interest, second (1 days)$15.53
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 3.760%
Interest already paid$44,649Through Nov 2026
Assumption only · ends Jun 2052$143,034
Assumption + second · ends Jun 2052, second Dec 2056$262,522
New conventional · ends Dec 2056$484,037