Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,485/mo
Lowest payment- Down payment
- $78,881
- Funds due
- $91,420
- Interest + MI left
- $294,281
- First ends
- Nov 2052
Assumption
Assumption + second
$2,767/mo
+$282/mo- Down payment
- $43,881
- Funds due
- $57,747
- Interest + MI left
- $360,663
- First ends
- Nov 2052
New loan
New conventional
$3,122/mo
+$636/mo- Down payment
- $43,881
- Funds due
- $53,642
- Interest + MI left
- $571,881
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $356,119 | $356,119 | $391,119 |
| Second mortgage | — | $35,000 | — |
| First P&I | $2,091.32 | $2,091.32 | $2,649.58 |
| Second P&I | — | $281.62 | — |
| Mortgage insurance | — | — | $78.22 |
| Taxes, insurance & HOA | $394.00 | $394.00 | $394.00 |
| Total housing payment | $2,485.32 | $2,766.94 | $3,121.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,881
Closing costs & prepaids$13,867
Usable credit−$0
Total buyer cash needed$57,747
Earnest money paid−$0
Remaining funds due$57,747
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,780.60
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)$522.00
Initial HOA (3 months)$210.00
Prepaid interest, first (9 days)$458.37
Prepaid interest, second (9 days)$77.67
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 11 moOf the original 30-year loan at 5.22%
Interest already paid$78,594Through Dec 2026
Assumption only · ends Nov 2052$294,281
Assumption + second · ends Nov 2052, second Jan 2057$360,663
New conventional · ends Jan 2057$571,881