Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,333/mo
Lowest payment- Down payment
- $46,866
- Funds due
- $59,237
- Interest + MI left
- $186,552
- First ends
- Jun 2052
Assumption
Assumption + second
$2,598/mo
+$265/mo- Down payment
- $20,866
- Funds due
- $34,496
- Interest + MI left
- $255,931
- First ends
- Jun 2052
New loan
New conventional
$3,334/mo
+$1,001/mo- Down payment
- $20,866
- Funds due
- $30,440
- Interest + MI left
- $599,859
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $368,134 | $368,134 | $394,134 |
| Second mortgage | — | $26,000 | — |
| First P&I | $1,806.80 | $1,806.80 | $2,728.90 |
| Second P&I | — | $264.94 | — |
| Mortgage insurance | — | — | $78.83 |
| Taxes, insurance & HOA | $526.00 | $526.00 | $526.00 |
| Total housing payment | $2,332.80 | $2,597.74 | $3,333.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,866
Closing costs & prepaids$13,630
Usable credit−$0
Total buyer cash needed$34,496
Earnest money paid−$0
Remaining funds due$34,496
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%)$1,840.67
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)$426.00
Initial HOA (3 months)$702.00
Prepaid interest, first (1 days)$34.80
Prepaid interest, second (1 days)$8.46
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 3.450%
Interest already paid$59,018Through Nov 2026
Assumption only · ends Jun 2052$186,552
Assumption + second · ends Jun 2052, second Dec 2056$255,931
New conventional · ends Dec 2056$599,859