Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,804/mo
Lowest payment- Down payment
- $128,739
- Funds due
- $145,450
- Interest + MI left
- $455,553
- First ends
- Oct 2052
Assumption
Assumption + second
$4,319/mo
+$515/mo- Down payment
- $64,739
- Funds due
- $82,842
- Interest + MI left
- $576,938
- First ends
- Oct 2052
New loan
New conventional
$4,715/mo
+$911/mo- Down payment
- $64,739
- Funds due
- $77,751
- Interest + MI left
- $848,218
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $516,111 | $516,111 | $580,111 |
| Second mortgage | — | $64,000 | — |
| First P&I | $3,134.40 | $3,134.40 | $3,929.87 |
| Second P&I | — | $514.96 | — |
| Mortgage insurance | — | — | $116.02 |
| Taxes, insurance & HOA | $669.58 | $669.58 | $669.58 |
| Total housing payment | $3,803.98 | $4,318.94 | $4,715.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$64,739
Closing costs & prepaids$18,103
Usable credit−$0
Total buyer cash needed$82,842
Earnest money paid−$0
Remaining funds due$82,842
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,448.50
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,580.55
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)$773.75
Initial HOA (3 months)$735.00
Prepaid interest, first (9 days)$705.02
Prepaid interest, second (9 days)$142.03
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 10 moOf the original 30-year loan at 5.54%
Interest already paid$123,227Through Dec 2026
Assumption only · ends Oct 2052$455,553
Assumption + second · ends Oct 2052, second Jan 2057$576,938
New conventional · ends Jan 2057$848,218