Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,587/mo
Lowest payment- Down payment
- $85,421
- Funds due
- $101,318
- Interest + MI left
- $425,220
- First ends
- Nov 2052
Assumption
Assumption + second
$3,788/mo
+$201/mo- Down payment
- $60,421
- Funds due
- $77,624
- Interest + MI left
- $472,636
- First ends
- Nov 2052
New loan
New conventional
$4,328/mo
+$741/mo- Down payment
- $60,421
- Funds due
- $72,641
- Interest + MI left
- $788,946
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $514,574 | $514,574 | $539,574 |
| Second mortgage | — | $25,000 | — |
| First P&I | $3,021.85 | $3,021.85 | $3,655.26 |
| Second P&I | — | $201.16 | — |
| Mortgage insurance | — | — | $107.91 |
| Taxes, insurance & HOA | $564.67 | $564.67 | $564.67 |
| Total housing payment | $3,586.51 | $3,787.67 | $4,327.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,421
Closing costs & prepaids$17,203
Usable credit−$0
Total buyer cash needed$77,624
Earnest money paid−$0
Remaining funds due$77,624
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,999.95
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,572.87
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)$720.00
Initial HOA (3 months)$474.00
Prepaid interest, first (9 days)$662.32
Prepaid interest, second (9 days)$55.48
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$113,564Through Dec 2026
Assumption only · ends Nov 2052$425,220
Assumption + second · ends Nov 2052, second Jan 2057$472,636
New conventional · ends Jan 2057$788,946