Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,971/mo
Lowest payment- Down payment
- $53,537
- Funds due
- $67,432
- Interest + MI left
- $353,425
- First ends
- Nov 2052
Assumption
Assumption + second
$3,266/mo
+$296/mo- Down payment
- $24,537
- Funds due
- $39,767
- Interest + MI left
- $430,809
- First ends
- Nov 2052
New loan
New conventional
$3,677/mo
+$706/mo- Down payment
- $24,537
- Funds due
- $35,483
- Interest + MI left
- $683,097
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $436,463 | $436,463 | $465,463 |
| Second mortgage | — | $29,000 | — |
| First P&I | $2,539.83 | $2,539.83 | $3,153.21 |
| Second P&I | — | $295.51 | — |
| Mortgage insurance | — | — | $93.09 |
| Taxes, insurance & HOA | $430.92 | $430.92 | $430.92 |
| Total housing payment | $2,970.75 | $3,266.26 | $3,677.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,537
Closing costs & prepaids$15,230
Usable credit−$0
Total buyer cash needed$39,767
Earnest money paid−$0
Remaining funds due$39,767
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,182.31
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)$588.00
Initial HOA (3 months)$204.75
Prepaid interest, first (9 days)$552.10
Prepaid interest, second (9 days)$84.91
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 5.13%
Interest already paid$94,715Through Dec 2026
Assumption only · ends Nov 2052$353,425
Assumption + second · ends Nov 2052, second Jan 2057$430,809
New conventional · ends Jan 2057$683,097