Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,453/mo
Lowest payment- Down payment
- $226,256
- Funds due
- $240,256
- Interest + MI left
- $279,094
- First ends
- Sep 2052
Assumption
Assumption + second
$3,708/mo
+$1,255/mo- Down payment
- $55,256
- Funds due
- $70,843
- Interest + MI left
- $559,799
- First ends
- Sep 2052
New loan
New conventional
$3,934/mo
+$1,481/mo- Down payment
- $55,256
- Funds due
- $66,750
- Interest + MI left
- $716,087
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $318,744 | $318,744 | $489,744 |
| Second mortgage | — | $171,000 | — |
| First P&I | $1,934.75 | $1,934.75 | $3,317.70 |
| Second P&I | — | $1,254.74 | — |
| Mortgage insurance | — | — | $97.95 |
| Taxes, insurance & HOA | $518.25 | $518.25 | $518.25 |
| Total housing payment | $2,453.00 | $3,707.74 | $3,933.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,256
Closing costs & prepaids$15,588
Usable credit−$0
Total buyer cash needed$70,843
Earnest money paid−$0
Remaining funds due$70,843
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,593.72
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)$654.00
Initial HOA (3 months)$400.74
Prepaid interest, first (9 days)$433.84
Prepaid interest, second (9 days)$337.32
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 5.52%
Interest already paid$77,417Through Dec 2026
Assumption only · ends Sep 2052$279,094
Assumption + second · ends Sep 2052, second Jan 2057$559,799
New conventional · ends Jan 2057$716,087