Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,626/mo
Lowest payment- Down payment
- $84,993
- Funds due
- $98,736
- Interest + MI left
- $256,612
- First ends
- Jun 2052
Assumption
Assumption + second
$2,891/mo
+$266/mo- Down payment
- $51,993
- Funds due
- $67,043
- Interest + MI left
- $319,201
- First ends
- Jun 2052
New loan
New conventional
$3,611/mo
+$985/mo- Down payment
- $51,993
- Funds due
- $62,581
- Interest + MI left
- $676,993
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $430,007 | $430,007 | $463,007 |
| Second mortgage | — | $33,000 | — |
| First P&I | $2,243.85 | $2,243.85 | $3,136.57 |
| Second P&I | — | $265.53 | — |
| Mortgage insurance | — | — | $92.60 |
| Taxes, insurance & HOA | $381.84 | $381.84 | $381.84 |
| Total housing payment | $2,625.69 | $2,891.21 | $3,611.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,993
Closing costs & prepaids$15,050
Usable credit−$0
Total buyer cash needed$67,043
Earnest money paid−$0
Remaining funds due$67,043
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,150.03
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)$618.00
Initial HOA (3 months)$27.51
Prepaid interest, first (7 days)$329.87
Prepaid interest, second (7 days)$56.96
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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%
Interest already paid$81,175Through Dec 2026
Assumption only · ends Jun 2052$256,612
Assumption + second · ends Jun 2052, second Jan 2057$319,201
New conventional · ends Jan 2057$676,993