Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,729/mo
Lowest payment- Down payment
- $66,074
- Funds due
- $79,011
- Interest + MI left
- $253,738
- First ends
- Sep 2052
Assumption
Assumption + second
$2,963/mo
+$233/mo- Down payment
- $37,074
- Funds due
- $51,290
- Interest + MI left
- $308,741
- First ends
- Sep 2052
New loan
New conventional
$3,231/mo
+$501/mo- Down payment
- $37,074
- Funds due
- $47,411
- Interest + MI left
- $481,059
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $303,926 | $303,926 | $332,926 |
| Second mortgage | — | $29,000 | — |
| First P&I | $1,804.74 | $1,804.74 | $2,239.61 |
| Second P&I | — | $233.34 | — |
| Mortgage insurance | — | — | $66.59 |
| Taxes, insurance & HOA | $924.50 | $924.50 | $924.50 |
| Total housing payment | $2,729.24 | $2,962.58 | $3,230.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,074
Closing costs & prepaids$14,216
Usable credit−$0
Total buyer cash needed$51,290
Earnest money paid−$0
Remaining funds due$51,290
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,700.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,519.63
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)$943.50
Initial HOA (3 months)$1,380.00
Prepaid interest, first (4 days)$176.53
Prepaid interest, second (4 days)$28.60
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 9 moOf the original 30-year loan at 5.3%
Interest already paid$70,968Through Dec 2026
Assumption only · ends Sep 2052$253,738
Assumption + second · ends Sep 2052, second Jan 2057$308,741
New conventional · ends Jan 2057$481,059