Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,606/mo
Lowest payment- Down payment
- $98,498
- Funds due
- $109,001
- Interest + MI left
- $147,111
- First ends
- Jun 2052
Assumption
Assumption + second
$2,105/mo
+$499/mo- Down payment
- $36,498
- Funds due
- $48,266
- Interest + MI left
- $264,702
- First ends
- Jun 2052
New loan
New conventional
$2,561/mo
+$954/mo- Down payment
- $36,498
- Funds due
- $44,598
- Interest + MI left
- $482,902
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $256,502 | $256,502 | $318,502 |
| Second mortgage | — | $62,000 | — |
| First P&I | $1,314.70 | $1,314.70 | $2,205.24 |
| Second P&I | — | $498.87 | — |
| Mortgage insurance | — | — | $63.70 |
| Taxes, insurance & HOA | $291.75 | $291.75 | $291.75 |
| Total housing payment | $1,606.45 | $2,105.31 | $2,560.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,498
Closing costs & prepaids$11,768
Usable credit−$0
Total buyer cash needed$48,266
Earnest money paid−$0
Remaining funds due$48,266
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,550.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,282.51
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)$305.25
Initial HOA (3 months)$120.00
Prepaid interest, first (1 days)$27.06
Prepaid interest, second (1 days)$15.29
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 7 moOf the original 30-year loan at 3.850%
Interest already paid$45,747Through Nov 2026
Assumption only · ends Jun 2052$147,111
Assumption + second · ends Jun 2052, second Dec 2056$264,702
New conventional · ends Dec 2056$482,902