Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,025/mo
Lowest payment- Down payment
- $126,474
- Funds due
- $137,996
- Interest + MI left
- $211,570
- First ends
- Jul 2052
Assumption
Assumption + second
$2,717/mo
+$692/mo- Down payment
- $40,474
- Funds due
- $53,267
- Interest + MI left
- $374,681
- First ends
- Jul 2052
New loan
New conventional
$3,011/mo
+$986/mo- Down payment
- $40,474
- Funds due
- $49,466
- Interest + MI left
- $545,172
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $273,525 | $273,525 | $359,525 |
| Second mortgage | — | $86,000 | — |
| First P&I | $1,574.99 | $1,574.99 | $2,489.28 |
| Second P&I | — | $691.98 | — |
| Mortgage insurance | — | — | $71.91 |
| Taxes, insurance & HOA | $449.67 | $449.67 | $449.67 |
| Total housing payment | $2,024.65 | $2,716.63 | $3,010.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,474
Closing costs & prepaids$12,793
Usable credit−$0
Total buyer cash needed$53,267
Earnest money paid−$0
Remaining funds due$53,267
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,999.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,367.63
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)$524.00
Initial HOA (3 months)$375.00
Prepaid interest, first (1 days)$37.32
Prepaid interest, second (1 days)$21.21
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 8 moOf the original 30-year loan at 4.980%
Interest already paid$61,364Through Nov 2026
Assumption only · ends Jul 2052$211,570
Assumption + second · ends Jul 2052, second Dec 2056$374,681
New conventional · ends Dec 2056$545,172