Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,549/mo
Lowest payment- Down payment
- $46,256
- Funds due
- $58,364
- Interest + MI left
- $292,227
- First ends
- Sep 2052
Assumption
Assumption + second
$2,824/mo
+$275/mo- Down payment
- $19,256
- Funds due
- $32,667
- Interest + MI left
- $364,274
- First ends
- Sep 2052
New loan
New conventional
$3,039/mo
+$490/mo- Down payment
- $19,256
- Funds due
- $28,833
- Interest + MI left
- $529,415
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $333,744 | $333,744 | $360,744 |
| Second mortgage | — | $27,000 | — |
| First P&I | $2,025.80 | $2,025.80 | $2,443.81 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | — | — | $72.15 |
| Taxes, insurance & HOA | $523.00 | $523.00 | $523.00 |
| Total housing payment | $2,548.80 | $2,823.93 | $3,038.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,256
Closing costs & prepaids$13,411
Usable credit−$0
Total buyer cash needed$32,667
Earnest money paid−$0
Remaining funds due$32,667
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,668.72
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$456.00
Initial HOA (3 months)$663.00
Prepaid interest, first (6 days)$302.84
Prepaid interest, second (6 days)$52.71
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 9 moOf the original 30-year loan at 5.52%
Interest already paid$81,060Through Dec 2026
Assumption only · ends Sep 2052$292,227
Assumption + second · ends Sep 2052, second Jan 2057$364,274
New conventional · ends Jan 2057$529,415