Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,273/mo
Lowest payment- Down payment
- $57,346
- Funds due
- $69,536
- Interest + MI left
- $208,097
- First ends
- Jun 2052
Assumption
Assumption + second
$2,650/mo
+$377/mo- Down payment
- $20,346
- Funds due
- $33,894
- Interest + MI left
- $306,828
- First ends
- Jun 2052
New loan
New conventional
$3,083/mo
+$811/mo- Down payment
- $20,346
- Funds due
- $30,189
- Interest + MI left
- $542,271
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $332,554 | $332,554 | $369,554 |
| Second mortgage | — | $37,000 | — |
| First P&I | $1,766.83 | $1,766.83 | $2,503.49 |
| Second P&I | — | $377.03 | — |
| Mortgage insurance | — | — | $73.91 |
| Taxes, insurance & HOA | $506.00 | $506.00 | $506.00 |
| Total housing payment | $2,272.83 | $2,649.86 | $3,083.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,346
Closing costs & prepaids$13,548
Usable credit−$0
Total buyer cash needed$33,894
Earnest money paid−$0
Remaining funds due$33,894
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,899.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,662.77
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)$468.00
Initial HOA (3 months)$600.00
Prepaid interest, first (9 days)$341.94
Prepaid interest, second (9 days)$108.34
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 6 moOf the original 30-year loan at 4.17%
Interest already paid$65,363Through Dec 2026
Assumption only · ends Jun 2052$208,097
Assumption + second · ends Jun 2052, second Jan 2057$306,828
New conventional · ends Jan 2057$542,271