Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,136/mo
Lowest payment- Down payment
- $75,647
- Funds due
- $89,432
- Interest + MI left
- $418,652
- First ends
- Dec 2052
Assumption
Assumption + second
$3,345/mo
+$209/mo- Down payment
- $49,647
- Funds due
- $64,721
- Interest + MI left
- $467,965
- First ends
- Dec 2052
New loan
New conventional
$3,556/mo
+$420/mo- Down payment
- $49,647
- Funds due
- $60,150
- Interest + MI left
- $651,180
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $419,353 | $419,353 | $445,353 |
| Second mortgage | — | $26,000 | — |
| First P&I | $2,685.91 | $2,685.91 | $3,016.98 |
| Second P&I | — | $209.20 | — |
| Mortgage insurance | — | — | $89.07 |
| Taxes, insurance & HOA | $449.67 | $449.67 | $449.67 |
| Total housing payment | $3,135.58 | $3,344.78 | $3,555.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,647
Closing costs & prepaids$15,073
Usable credit−$0
Total buyer cash needed$64,721
Earnest money paid−$0
Remaining funds due$64,721
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,096.76
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)$594.00
Initial HOA (3 months)$255.00
Prepaid interest, first (6 days)$421.19
Prepaid interest, second (6 days)$38.47
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 closing26 yrOf the original 30-year loan at 6.11%
Interest already paid$105,525Through Dec 2026
Assumption only · ends Dec 2052$418,652
Assumption + second · ends Dec 2052, second Jan 2057$467,965
New conventional · ends Jan 2057$651,180