Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,407/mo
Lowest payment- Down payment
- $78,320
- Funds due
- $93,203
- Interest + MI left
- $422,373
- First ends
- Oct 2052
Assumption
Assumption + second
$3,916/mo
+$510/mo- Down payment
- $28,320
- Funds due
- $44,550
- Interest + MI left
- $555,793
- First ends
- Oct 2052
New loan
New conventional
$4,198/mo
+$791/mo- Down payment
- $28,320
- Funds due
- $39,910
- Interest + MI left
- $780,128
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $481,580 | $481,580 | $531,580 |
| Second mortgage | — | $50,000 | — |
| First P&I | $2,915.98 | $2,915.98 | $3,601.11 |
| Second P&I | — | $509.50 | — |
| Mortgage insurance | — | — | $106.32 |
| Taxes, insurance & HOA | $490.67 | $490.67 | $490.67 |
| Total housing payment | $3,406.64 | $3,916.14 | $4,198.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,320
Closing costs & prepaids$16,231
Usable credit−$0
Total buyer cash needed$44,550
Earnest money paid−$0
Remaining funds due$44,550
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,599.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,407.90
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)$672.00
Initial HOA (3 months)$300.00
Prepaid interest, first (6 days)$436.19
Prepaid interest, second (6 days)$97.60
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 5.51%
Interest already paid$114,379Through Dec 2026
Assumption only · ends Oct 2052$422,373
Assumption + second · ends Oct 2052, second Jan 2057$555,793
New conventional · ends Jan 2057$780,128