Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,284/mo
Lowest payment- Down payment
- $70,557
- Funds due
- $82,045
- Interest + MI left
- $269,980
- First ends
- Aug 2052
Assumption
Assumption + second
$2,525/mo
+$241/mo- Down payment
- $40,557
- Funds due
- $53,303
- Interest + MI left
- $326,879
- First ends
- Aug 2052
New loan
New conventional
$2,901/mo
+$617/mo- Down payment
- $40,557
- Funds due
- $49,230
- Interest + MI left
- $543,531
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $328,443 | $328,443 | $358,443 |
| Second mortgage | — | $30,000 | — |
| First P&I | $1,936.64 | $1,936.64 | $2,481.79 |
| Second P&I | — | $241.39 | — |
| Mortgage insurance | — | — | $71.69 |
| Taxes, insurance & HOA | $347.08 | $347.08 | $347.08 |
| Total housing payment | $2,283.73 | $2,525.11 | $2,900.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,557
Closing costs & prepaids$12,746
Usable credit−$0
Total buyer cash needed$53,303
Earnest money paid−$0
Remaining funds due$53,303
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,642.22
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)$339.25
Initial HOA (3 months)$252.00
Prepaid interest, first (1 days)$47.06
Prepaid interest, second (1 days)$7.40
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 9 moOf the original 30-year loan at 5.230%
Interest already paid$75,712Through Nov 2026
Assumption only · ends Aug 2052$269,980
Assumption + second · ends Aug 2052, second Dec 2056$326,879
New conventional · ends Dec 2056$543,531