Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,548/mo
Lowest payment- Down payment
- $59,458
- Funds due
- $74,790
- Interest + MI left
- $424,900
- First ends
- Aug 2052
Assumption
Assumption + second
$3,843/mo
+$296/mo- Down payment
- $30,458
- Funds due
- $47,097
- Interest + MI left
- $502,284
- First ends
- Aug 2052
New loan
New conventional
$4,367/mo
+$819/mo- Down payment
- $30,458
- Funds due
- $42,234
- Interest + MI left
- $828,389
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $535,542 | $535,542 | $564,542 |
| Second mortgage | — | $29,000 | — |
| First P&I | $3,118.32 | $3,118.32 | $3,824.40 |
| Second P&I | — | $295.51 | — |
| Mortgage insurance | — | — | $112.91 |
| Taxes, insurance & HOA | $429.67 | $429.67 | $429.67 |
| Total housing payment | $3,547.99 | $3,843.50 | $4,366.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,458
Closing costs & prepaids$16,639
Usable credit−$0
Total buyer cash needed$47,097
Earnest money paid−$0
Remaining funds due$47,097
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,677.71
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)$714.00
Initial HOA (3 months)$75.00
Prepaid interest, first (6 days)$448.09
Prepaid interest, second (6 days)$56.61
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 8 moOf the original 30-year loan at 5.09%
Interest already paid$122,715Through Dec 2026
Assumption only · ends Aug 2052$424,900
Assumption + second · ends Aug 2052, second Jan 2057$502,284
New conventional · ends Jan 2057$828,389