Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,627/mo
Lowest payment- Down payment
- $56,631
- Funds due
- $72,297
- Interest + MI left
- $420,665
- First ends
- Jul 2052
Assumption
Assumption + second
$3,892/mo
+$265/mo- Down payment
- $30,631
- Funds due
- $47,606
- Interest + MI left
- $490,044
- First ends
- Jul 2052
New loan
New conventional
$4,458/mo
+$831/mo- Down payment
- $30,631
- Funds due
- $42,744
- Interest + MI left
- $835,472
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $543,369 | $543,369 | $569,369 |
| Second mortgage | — | $26,000 | — |
| First P&I | $3,140.18 | $3,140.18 | $3,857.10 |
| Second P&I | — | $264.94 | — |
| Mortgage insurance | — | — | $113.87 |
| Taxes, insurance & HOA | $486.67 | $486.67 | $486.67 |
| Total housing payment | $3,626.84 | $3,891.78 | $4,457.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,631
Closing costs & prepaids$16,975
Usable credit−$0
Total buyer cash needed$47,606
Earnest money paid−$0
Remaining funds due$47,606
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,716.84
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)$720.00
Initial HOA (3 months)$240.00
Prepaid interest, first (7 days)$521.04
Prepaid interest, second (7 days)$59.21
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 7 moOf the original 30-year loan at 5%
Interest already paid$124,841Through Dec 2026
Assumption only · ends Jul 2052$420,665
Assumption + second · ends Jul 2052, second Jan 2057$490,044
New conventional · ends Jan 2057$835,472