Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,289/mo
Lowest payment- Down payment
- $57,421
- Funds due
- $72,126
- Interest + MI left
- $390,367
- First ends
- Sep 2052
Assumption
Assumption + second
$3,605/mo
+$316/mo- Down payment
- $26,421
- Funds due
- $42,467
- Interest + MI left
- $473,087
- First ends
- Sep 2052
New loan
New conventional
$3,990/mo
+$701/mo- Down payment
- $26,421
- Funds due
- $38,002
- Interest + MI left
- $731,697
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $467,579 | $467,579 | $498,579 |
| Second mortgage | — | $31,000 | — |
| First P&I | $2,776.52 | $2,776.52 | $3,377.55 |
| Second P&I | — | $315.89 | — |
| Mortgage insurance | — | — | $99.72 |
| Taxes, insurance & HOA | $512.67 | $512.67 | $512.67 |
| Total housing payment | $3,289.19 | $3,605.08 | $3,989.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,421
Closing costs & prepaids$16,046
Usable credit−$0
Total buyer cash needed$42,467
Earnest money paid−$0
Remaining funds due$42,467
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,337.90
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)$630.00
Initial HOA (3 months)$408.00
Prepaid interest, first (9 days)$611.06
Prepaid interest, second (9 days)$90.77
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 5.3%
Interest already paid$109,182Through Dec 2026
Assumption only · ends Sep 2052$390,367
Assumption + second · ends Sep 2052, second Jan 2057$473,087
New conventional · ends Jan 2057$731,697