Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,269/mo
Lowest payment- Down payment
- $56,973
- Funds due
- $69,063
- Interest + MI left
- $134,867
- First ends
- Jun 2052
Assumption
Assumption + second
$2,502/mo
+$233/mo- Down payment
- $27,973
- Funds due
- $41,356
- Interest + MI left
- $189,870
- First ends
- Jun 2052
New loan
New conventional
$2,829/mo
+$560/mo- Down payment
- $27,973
- Funds due
- $38,054
- Interest + MI left
- $357,490
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $215,527 | $215,527 | $244,527 |
| Second mortgage | — | $29,000 | — |
| First P&I | $1,145.08 | $1,145.08 | $1,656.51 |
| Second P&I | — | $233.34 | — |
| Mortgage insurance | — | — | $48.91 |
| Taxes, insurance & HOA | $1,124.00 | $1,124.00 | $1,124.00 |
| Total housing payment | $2,269.08 | $2,502.42 | $2,829.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,973
Closing costs & prepaids$13,383
Usable credit−$0
Total buyer cash needed$41,356
Earnest money paid−$0
Remaining funds due$41,356
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,725.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,077.64
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)$327.00
Initial HOA (3 months)$2,595.00
Prepaid interest, first (6 days)$147.74
Prepaid interest, second (6 days)$42.90
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 closing25 yr 6 moOf the original 30-year loan at 4.17%
Interest already paid$42,362Through Dec 2026
Assumption only · ends Jun 2052$134,867
Assumption + second · ends Jun 2052, second Jan 2057$189,870
New conventional · ends Jan 2057$357,490