Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,976/mo
Lowest payment- Down payment
- $63,360
- Funds due
- $77,268
- Interest + MI left
- $350,936
- First ends
- Aug 2052
Assumption
Assumption + second
$3,363/mo
+$387/mo- Down payment
- $25,360
- Funds due
- $40,630
- Interest + MI left
- $452,335
- First ends
- Aug 2052
New loan
New conventional
$3,692/mo
+$716/mo- Down payment
- $25,360
- Funds due
- $36,359
- Interest + MI left
- $681,797
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $426,640 | $426,640 | $464,640 |
| Second mortgage | — | $38,000 | — |
| First P&I | $2,524.60 | $2,524.60 | $3,147.63 |
| Second P&I | — | $387.22 | — |
| Mortgage insurance | — | — | $92.93 |
| Taxes, insurance & HOA | $451.67 | $451.67 | $451.67 |
| Total housing payment | $2,976.26 | $3,363.48 | $3,692.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,360
Closing costs & prepaids$15,270
Usable credit−$0
Total buyer cash needed$40,630
Earnest money paid−$0
Remaining funds due$40,630
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%)$2,133.20
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)$267.00
Prepaid interest, first (9 days)$552.29
Prepaid interest, second (9 days)$111.27
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 5.25%
Interest already paid$100,733Through Dec 2026
Assumption only · ends Aug 2052$350,936
Assumption + second · ends Aug 2052, second Jan 2057$452,335
New conventional · ends Jan 2057$681,797