Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,330/mo
Lowest payment- Down payment
- $71,062
- Funds due
- $83,063
- Interest + MI left
- $268,548
- First ends
- Aug 2052
Assumption
Assumption + second
$2,580/mo
+$249/mo- Down payment
- $40,062
- Funds due
- $53,382
- Interest + MI left
- $327,344
- First ends
- Aug 2052
New loan
New conventional
$2,897/mo
+$567/mo- Down payment
- $40,062
- Funds due
- $49,443
- Interest + MI left
- $524,827
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $327,938 | $327,938 | $358,938 |
| Second mortgage | — | $31,000 | — |
| First P&I | $1,936.64 | $1,936.64 | $2,431.57 |
| Second P&I | — | $249.43 | — |
| Mortgage insurance | — | — | $71.79 |
| Taxes, insurance & HOA | $393.58 | $393.58 | $393.58 |
| Total housing payment | $2,330.23 | $2,579.66 | $2,896.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,062
Closing costs & prepaids$13,320
Usable credit−$0
Total buyer cash needed$53,382
Earnest money paid−$0
Remaining funds due$53,382
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,639.69
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)$478.75
Initial HOA (3 months)$252.00
Prepaid interest, first (9 days)$422.91
Prepaid interest, second (9 days)$68.79
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 8 moOf the original 30-year loan at 5.23%
Interest already paid$77,144Through Dec 2026
Assumption only · ends Aug 2052$268,548
Assumption + second · ends Aug 2052, second Jan 2057$327,344
New conventional · ends Jan 2057$524,827