Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,797/mo
Lowest payment- Down payment
- $72,280
- Funds due
- $85,528
- Interest + MI left
- $346,921
- First ends
- Nov 2052
Assumption
Assumption + second
$3,286/mo
+$489/mo- Down payment
- $24,280
- Funds due
- $38,872
- Interest + MI left
- $475,004
- First ends
- Nov 2052
New loan
New conventional
$3,529/mo
+$733/mo- Down payment
- $24,280
- Funds due
- $34,653
- Interest + MI left
- $661,224
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $402,620 | $402,620 | $450,620 |
| Second mortgage | — | $48,000 | — |
| First P&I | $2,410.10 | $2,410.10 | $3,052.66 |
| Second P&I | — | $489.12 | — |
| Mortgage insurance | — | — | $90.12 |
| Taxes, insurance & HOA | $386.67 | $386.67 | $386.67 |
| Total housing payment | $2,796.77 | $3,285.89 | $3,529.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,280
Closing costs & prepaids$14,592
Usable credit−$0
Total buyer cash needed$38,872
Earnest money paid−$0
Remaining funds due$38,872
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,749.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,013.10
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)$570.00
Initial HOA (3 months)$90.00
Prepaid interest, first (6 days)$358.06
Prepaid interest, second (6 days)$93.70
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 5.41%
Interest already paid$91,990Through Dec 2026
Assumption only · ends Nov 2052$346,921
Assumption + second · ends Nov 2052, second Jan 2057$475,004
New conventional · ends Jan 2057$661,224