Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,852/mo
Lowest payment- Down payment
- $72,770
- Funds due
- $88,358
- Interest + MI left
- $482,732
- First ends
- Sep 2052
Assumption
Assumption + second
$4,270/mo
+$418/mo- Down payment
- $31,770
- Funds due
- $48,621
- Interest + MI left
- $592,136
- First ends
- Sep 2052
New loan
New conventional
$4,728/mo
+$876/mo- Down payment
- $31,770
- Funds due
- $43,538
- Interest + MI left
- $898,193
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $549,230 | $549,230 | $590,230 |
| Second mortgage | — | $41,000 | — |
| First P&I | $3,328.91 | $3,328.91 | $4,086.63 |
| Second P&I | — | $417.79 | — |
| Mortgage insurance | — | — | $118.05 |
| Taxes, insurance & HOA | $523.58 | $523.58 | $523.58 |
| Total housing payment | $3,852.49 | $4,270.28 | $4,728.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,770
Closing costs & prepaids$16,851
Usable credit−$0
Total buyer cash needed$48,621
Earnest money paid−$0
Remaining funds due$48,621
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,220.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,746.15
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)$781.75
Initial HOA (3 months)$288.99
Prepaid interest, first (1 days)$83.06
Prepaid interest, second (1 days)$13.34
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 5.520%
Interest already paid$130,676Through Nov 2026
Assumption only · ends Sep 2052$482,732
Assumption + second · ends Sep 2052, second Dec 2056$592,136
New conventional · ends Dec 2056$898,193