Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,581/mo
Lowest payment- Down payment
- $61,709
- Funds due
- $77,184
- Interest + MI left
- $435,729
- First ends
- Nov 2052
Assumption
Assumption + second
$3,907/mo
+$326/mo- Down payment
- $29,709
- Funds due
- $46,507
- Interest + MI left
- $521,118
- First ends
- Nov 2052
New loan
New conventional
$4,385/mo
+$804/mo- Down payment
- $29,709
- Funds due
- $41,700
- Interest + MI left
- $820,796
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $527,291 | $527,291 | $559,291 |
| Second mortgage | — | $32,000 | — |
| First P&I | $3,096.53 | $3,096.53 | $3,788.83 |
| Second P&I | — | $326.08 | — |
| Mortgage insurance | — | — | $111.86 |
| Taxes, insurance & HOA | $484.25 | $484.25 | $484.25 |
| Total housing payment | $3,580.78 | $3,906.86 | $4,384.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,709
Closing costs & prepaids$16,798
Usable credit−$0
Total buyer cash needed$46,507
Earnest money paid−$0
Remaining funds due$46,507
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,890.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,636.45
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)$706.75
Initial HOA (3 months)$246.00
Prepaid interest, first (7 days)$527.87
Prepaid interest, second (7 days)$72.88
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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$116,371Through Dec 2026
Assumption only · ends Nov 2052$435,729
Assumption + second · ends Nov 2052, second Jan 2057$521,118
New conventional · ends Jan 2057$820,796