Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,731/mo
Lowest payment- Down payment
- $67,227
- Funds due
- $82,903
- Interest + MI left
- $474,510
- First ends
- Oct 2052
Assumption
Assumption + second
$4,098/mo
+$367/mo- Down payment
- $31,227
- Funds due
- $48,224
- Interest + MI left
- $570,572
- First ends
- Oct 2052
New loan
New conventional
$4,524/mo
+$792/mo- Down payment
- $31,227
- Funds due
- $43,237
- Interest + MI left
- $864,063
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $552,773 | $552,773 | $588,773 |
| Second mortgage | — | $36,000 | — |
| First P&I | $3,313.81 | $3,313.81 | $3,988.55 |
| Second P&I | — | $366.84 | — |
| Mortgage insurance | — | — | $117.75 |
| Taxes, insurance & HOA | $417.59 | $417.59 | $417.59 |
| Total housing payment | $3,731.40 | $4,098.24 | $4,523.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,227
Closing costs & prepaids$16,996
Usable credit−$0
Total buyer cash needed$48,224
Earnest money paid−$0
Remaining funds due$48,224
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,763.86
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)$744.00
Initial HOA (3 months)$8.76
Prepaid interest, first (6 days)$491.59
Prepaid interest, second (6 days)$70.27
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 10 moOf the original 30-year loan at 5.41%
Interest already paid$128,980Through Dec 2026
Assumption only · ends Oct 2052$474,510
Assumption + second · ends Oct 2052, second Jan 2057$570,572
New conventional · ends Jan 2057$864,063