Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,168/mo
Lowest payment- Down payment
- $197,327
- Funds due
- $210,152
- Interest + MI left
- $218,762
- First ends
- Jun 2052
Assumption
Assumption + second
$3,262/mo
+$1,093/mo- Down payment
- $48,327
- Funds due
- $62,435
- Interest + MI left
- $463,353
- First ends
- Jun 2052
New loan
New conventional
$3,610/mo
+$1,441/mo- Down payment
- $48,327
- Funds due
- $58,511
- Interest + MI left
- $654,509
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $282,573 | $282,573 | $431,573 |
| Second mortgage | — | $149,000 | — |
| First P&I | $1,633.01 | $1,633.01 | $2,988.12 |
| Second P&I | — | $1,093.31 | — |
| Mortgage insurance | — | — | $86.31 |
| Taxes, insurance & HOA | $535.33 | $535.33 | $535.33 |
| Total housing payment | $2,168.34 | $3,261.65 | $3,609.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,327
Closing costs & prepaids$14,107
Usable credit−$0
Total buyer cash needed$62,435
Earnest money paid−$0
Remaining funds due$62,435
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,799.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,412.86
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$665.75
Initial HOA (3 months)$440.25
Prepaid interest, first (1 days)$38.71
Prepaid interest, second (1 days)$32.66
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 5.000%
Interest already paid$64,922Through Nov 2026
Assumption only · ends Jun 2052$218,762
Assumption + second · ends Jun 2052, second Dec 2056$463,353
New conventional · ends Dec 2056$654,509