Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,463/mo
Lowest payment- Down payment
- $146,606
- Funds due
- $157,050
- Interest + MI left
- $116,587
- First ends
- Dec 2052
Assumption
Assumption + second
$2,314/mo
+$851/mo- Down payment
- $30,606
- Funds due
- $42,453
- Interest + MI left
- $307,007
- First ends
- Dec 2052
New loan
New conventional
$2,472/mo
+$1,010/mo- Down payment
- $30,606
- Funds due
- $39,383
- Interest + MI left
- $392,381
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $152,393 | $152,393 | $268,393 |
| Second mortgage | — | $116,000 | — |
| First P&I | $862.11 | $862.11 | $1,818.19 |
| Second P&I | — | $851.17 | — |
| Mortgage insurance | — | — | $53.68 |
| Taxes, insurance & HOA | $600.58 | $600.58 | $600.58 |
| Total housing payment | $1,462.70 | $2,313.87 | $2,472.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,606
Closing costs & prepaids$11,846
Usable credit−$0
Total buyer cash needed$42,453
Earnest money paid−$0
Remaining funds due$42,453
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,989.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$761.96
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)$358.75
Initial HOA (3 months)$993.00
Prepaid interest, first (6 days)$122.00
Prepaid interest, second (6 days)$152.55
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 4.87%
Interest already paid$30,774Through Dec 2026
Assumption only · ends Dec 2052$116,587
Assumption + second · ends Dec 2052, second Jan 2057$307,007
New conventional · ends Jan 2057$392,381