Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,277/mo
Lowest payment- Down payment
- $76,404
- Funds due
- $88,549
- Interest + MI left
- $201,983
- First ends
- Jun 2052
Assumption
Assumption + second
$2,567/mo
+$290/mo- Down payment
- $40,404
- Funds due
- $53,817
- Interest + MI left
- $270,262
- First ends
- Jun 2052
New loan
New conventional
$3,119/mo
+$842/mo- Down payment
- $40,404
- Funds due
- $49,816
- Interest + MI left
- $542,232
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $321,586 | $321,586 | $357,586 |
| Second mortgage | — | $36,000 | — |
| First P&I | $1,705.44 | $1,705.44 | $2,475.85 |
| Second P&I | — | $289.66 | — |
| Mortgage insurance | — | — | $71.52 |
| Taxes, insurance & HOA | $572.00 | $572.00 | $572.00 |
| Total housing payment | $2,277.44 | $2,567.10 | $3,119.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,404
Closing costs & prepaids$13,413
Usable credit−$0
Total buyer cash needed$53,817
Earnest money paid−$0
Remaining funds due$53,817
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,979.90
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,607.93
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)$300.00
Initial HOA (3 months)$966.00
Prepaid interest, first (2 days)$73.48
Prepaid interest, second (2 days)$17.75
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 4.170%
Interest already paid$61,974Through Nov 2026
Assumption only · ends Jun 2052$201,983
Assumption + second · ends Jun 2052, second Dec 2056$270,262
New conventional · ends Dec 2056$542,232