Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,226/mo
Lowest payment- Down payment
- $52,557
- Funds due
- $64,858
- Interest + MI left
- $180,059
- First ends
- Aug 2052
Assumption
Assumption + second
$2,531/mo
+$306/mo- Down payment
- $22,557
- Funds due
- $36,118
- Interest + MI left
- $260,111
- First ends
- Aug 2052
New loan
New conventional
$3,359/mo
+$1,133/mo- Down payment
- $22,557
- Funds due
- $31,958
- Interest + MI left
- $633,729
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $386,443 | $386,443 | $416,443 |
| Second mortgage | — | $30,000 | — |
| First P&I | $1,833.34 | $1,833.34 | $2,883.37 |
| Second P&I | — | $305.70 | — |
| Mortgage insurance | — | — | $83.29 |
| Taxes, insurance & HOA | $392.33 | $392.33 | $392.33 |
| Total housing payment | $2,225.67 | $2,531.37 | $3,358.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,557
Closing costs & prepaids$13,561
Usable credit−$0
Total buyer cash needed$36,118
Earnest money paid−$0
Remaining funds due$36,118
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,390.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,932.21
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)$568.00
Initial HOA (3 months)$159.00
Prepaid interest, first (1 days)$33.67
Prepaid interest, second (1 days)$9.76
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 9 moOf the original 30-year loan at 3.180%
Interest already paid$54,943Through Nov 2026
Assumption only · ends Aug 2052$180,059
Assumption + second · ends Aug 2052, second Dec 2056$260,111
New conventional · ends Dec 2056$633,729