Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,301/mo
Lowest payment- Down payment
- $193,228
- Funds due
- $204,285
- Interest + MI left
- $64,917
- First ends
- Apr 2052
Assumption
Assumption + second
$2,423/mo
+$1,123/mo- Down payment
- $40,228
- Funds due
- $52,602
- Interest + MI left
- $316,075
- First ends
- Apr 2052
New loan
New conventional
$2,973/mo
+$1,672/mo- Down payment
- $40,228
- Funds due
- $49,176
- Interest + MI left
- $545,618
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $206,772 | $206,772 | $359,772 |
| Second mortgage | — | $153,000 | — |
| First P&I | $890.78 | $890.78 | $2,490.99 |
| Second P&I | — | $1,122.66 | — |
| Mortgage insurance | — | — | $71.95 |
| Taxes, insurance & HOA | $409.75 | $409.75 | $409.75 |
| Total housing payment | $1,300.53 | $2,423.19 | $2,972.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,228
Closing costs & prepaids$12,374
Usable credit−$0
Total buyer cash needed$52,602
Earnest money paid−$0
Remaining funds due$52,602
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,033.86
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)$558.00
Initial HOA (3 months)$221.25
Prepaid interest, first (2 days)$25.49
Prepaid interest, second (2 days)$67.07
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 5 moOf the original 30-year loan at 2.250%
Interest already paid$22,726Through Nov 2026
Assumption only · ends Apr 2052$64,917
Assumption + second · ends Apr 2052, second Dec 2056$316,075
New conventional · ends Dec 2056$545,618