Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,919/mo
Lowest payment- Down payment
- $68,671
- Funds due
- $85,396
- Interest + MI left
- $466,682
- First ends
- Nov 2052
Assumption
Assumption + second
$4,286/mo
+$367/mo- Down payment
- $32,671
- Funds due
- $50,752
- Interest + MI left
- $562,744
- First ends
- Nov 2052
New loan
New conventional
$4,836/mo
+$917/mo- Down payment
- $32,671
- Funds due
- $45,750
- Interest + MI left
- $898,633
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $576,329 | $576,329 | $612,329 |
| Second mortgage | — | $36,000 | — |
| First P&I | $3,353.73 | $3,353.73 | $4,148.13 |
| Second P&I | — | $366.84 | — |
| Mortgage insurance | — | — | $122.47 |
| Taxes, insurance & HOA | $565.67 | $565.67 | $565.67 |
| Total housing payment | $3,919.40 | $4,286.24 | $4,836.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,671
Closing costs & prepaids$18,081
Usable credit−$0
Total buyer cash needed$50,752
Earnest money paid−$0
Remaining funds due$50,752
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,881.65
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)$774.00
Initial HOA (3 months)$423.00
Prepaid interest, first (9 days)$729.02
Prepaid interest, second (9 days)$105.41
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$125,066Through Dec 2026
Assumption only · ends Nov 2052$466,682
Assumption + second · ends Nov 2052, second Jan 2057$562,744
New conventional · ends Jan 2057$898,633