Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,838/mo
Lowest payment- Down payment
- $131,134
- Funds due
- $145,252
- Interest + MI left
- $350,978
- First ends
- Oct 2052
Assumption
Assumption + second
$3,457/mo
+$620/mo- Down payment
- $54,134
- Funds due
- $69,673
- Interest + MI left
- $497,019
- First ends
- Oct 2052
New loan
New conventional
$3,775/mo
+$937/mo- Down payment
- $54,134
- Funds due
- $65,188
- Interest + MI left
- $710,416
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $408,866 | $408,866 | $485,866 |
| Second mortgage | — | $77,000 | — |
| First P&I | $2,451.11 | $2,451.11 | $3,291.43 |
| Second P&I | — | $619.56 | — |
| Mortgage insurance | — | — | $97.17 |
| Taxes, insurance & HOA | $386.67 | $386.67 | $386.67 |
| Total housing payment | $2,837.78 | $3,457.34 | $3,775.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,134
Closing costs & prepaids$15,539
Usable credit−$0
Total buyer cash needed$69,673
Earnest money paid−$0
Remaining funds due$69,673
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,044.33
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)$648.00
Initial HOA (3 months)$12.00
Prepaid interest, first (9 days)$545.42
Prepaid interest, second (9 days)$170.88
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 10 moOf the original 30-year loan at 5.41%
Interest already paid$95,401Through Dec 2026
Assumption only · ends Oct 2052$350,978
Assumption + second · ends Oct 2052, second Jan 2057$497,019
New conventional · ends Jan 2057$710,416