Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,775/mo
Lowest payment- Down payment
- $148,934
- Funds due
- $160,415
- Interest + MI left
- $155,749
- First ends
- Jun 2052
Assumption
Assumption + second
$2,560/mo
+$785/mo- Down payment
- $41,934
- Funds due
- $54,688
- Interest + MI left
- $331,395
- First ends
- Jun 2052
New loan
New conventional
$3,059/mo
+$1,284/mo- Down payment
- $41,934
- Funds due
- $50,919
- Interest + MI left
- $565,705
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $266,066 | $266,066 | $373,066 |
| Second mortgage | — | $107,000 | — |
| First P&I | $1,373.99 | $1,373.99 | $2,583.03 |
| Second P&I | — | $785.13 | — |
| Mortgage insurance | — | — | $74.61 |
| Taxes, insurance & HOA | $401.33 | $401.33 | $401.33 |
| Total housing payment | $1,775.32 | $2,560.45 | $3,058.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,934
Closing costs & prepaids$12,754
Usable credit−$0
Total buyer cash needed$54,688
Earnest money paid−$0
Remaining funds due$54,688
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%)$1,330.33
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)$415.00
Initial HOA (3 months)$339.00
Prepaid interest, first (1 days)$28.57
Prepaid interest, second (1 days)$23.45
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 3.920%
Interest already paid$48,290Through Nov 2026
Assumption only · ends Jun 2052$155,749
Assumption + second · ends Jun 2052, second Dec 2056$331,395
New conventional · ends Dec 2056$565,705