Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,263/mo
Lowest payment- Down payment
- $56,737
- Funds due
- $68,633
- Interest + MI left
- $209,255
- First ends
- Jun 2052
Assumption
Assumption + second
$2,640/mo
+$377/mo- Down payment
- $19,737
- Funds due
- $32,907
- Interest + MI left
- $307,986
- First ends
- Jun 2052
New loan
New conventional
$3,133/mo
+$870/mo- Down payment
- $19,737
- Funds due
- $29,051
- Interest + MI left
- $563,302
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $333,163 | $333,163 | $370,163 |
| Second mortgage | — | $37,000 | — |
| First P&I | $1,766.83 | $1,766.83 | $2,562.93 |
| Second P&I | — | $377.03 | — |
| Mortgage insurance | — | — | $74.03 |
| Taxes, insurance & HOA | $495.83 | $495.83 | $495.83 |
| Total housing payment | $2,262.67 | $2,639.70 | $3,132.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,737
Closing costs & prepaids$13,171
Usable credit−$0
Total buyer cash needed$32,907
Earnest money paid−$0
Remaining funds due$32,907
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%)$1,665.82
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)$437.50
Initial HOA (3 months)$600.00
Prepaid interest, first (2 days)$76.13
Prepaid interest, second (2 days)$24.08
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$64,205Through Nov 2026
Assumption only · ends Jun 2052$209,255
Assumption + second · ends Jun 2052, second Dec 2056$307,986
New conventional · ends Dec 2056$563,302