Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,117/mo
Lowest payment- Down payment
- $96,540
- Funds due
- $109,311
- Interest + MI left
- $126,782
- First ends
- Oct 2052
Assumption
Assumption + second
$2,527/mo
+$410/mo- Down payment
- $45,540
- Funds due
- $59,574
- Interest + MI left
- $223,510
- First ends
- Oct 2052
New loan
New conventional
$3,450/mo
+$1,333/mo- Down payment
- $45,540
- Funds due
- $55,358
- Interest + MI left
- $611,794
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $352,460 | $352,460 | $403,460 |
| Second mortgage | — | $51,000 | — |
| First P&I | $1,540.97 | $1,540.97 | $2,793.48 |
| Second P&I | — | $410.36 | — |
| Mortgage insurance | — | — | $80.69 |
| Taxes, insurance & HOA | $575.67 | $575.67 | $575.67 |
| Total housing payment | $2,116.64 | $2,527.00 | $3,449.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,540
Closing costs & prepaids$14,034
Usable credit−$0
Total buyer cash needed$59,574
Earnest money paid−$0
Remaining funds due$59,574
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,762.30
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)$737.00
Initial HOA (3 months)$540.00
Prepaid interest, first (1 days)$24.14
Prepaid interest, second (1 days)$12.58
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 11 moOf the original 30-year loan at 2.500%
Interest already paid$37,968Through Nov 2026
Assumption only · ends Oct 2052$126,782
Assumption + second · ends Oct 2052, second Dec 2056$223,510
New conventional · ends Dec 2056$611,794