Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,849/mo
Lowest payment- Down payment
- $49,848
- Funds due
- $63,123
- Interest + MI left
- $346,368
- First ends
- Nov 2052
Assumption
Assumption + second
$3,114/mo
+$265/mo- Down payment
- $23,848
- Funds due
- $38,423
- Interest + MI left
- $415,747
- First ends
- Nov 2052
New loan
New conventional
$3,492/mo
+$643/mo- Down payment
- $23,848
- Funds due
- $34,162
- Interest + MI left
- $653,290
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $419,152 | $419,152 | $445,152 |
| Second mortgage | — | $26,000 | — |
| First P&I | $2,461.48 | $2,461.48 | $3,015.61 |
| Second P&I | — | $264.94 | — |
| Mortgage insurance | — | — | $89.03 |
| Taxes, insurance & HOA | $387.25 | $387.25 | $387.25 |
| Total housing payment | $2,848.73 | $3,113.67 | $3,491.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,848
Closing costs & prepaids$14,576
Usable credit−$0
Total buyer cash needed$38,423
Earnest money paid−$0
Remaining funds due$38,423
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,690.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,095.76
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)$562.75
Initial HOA (3 months)$99.00
Prepaid interest, first (6 days)$359.67
Prepaid interest, second (6 days)$50.75
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 5.22%
Interest already paid$92,505Through Dec 2026
Assumption only · ends Nov 2052$346,368
Assumption + second · ends Nov 2052, second Jan 2057$415,747
New conventional · ends Jan 2057$653,290