Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,386/mo
Lowest payment- Down payment
- $80,755
- Funds due
- $95,205
- Interest + MI left
- $430,009
- First ends
- Sep 2052
Assumption
Assumption + second
$3,916/mo
+$530/mo- Down payment
- $28,755
- Funds due
- $44,472
- Interest + MI left
- $568,766
- First ends
- Sep 2052
New loan
New conventional
$4,276/mo
+$890/mo- Down payment
- $28,755
- Funds due
- $39,714
- Interest + MI left
- $823,757
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $489,245 | $489,245 | $541,245 |
| Second mortgage | — | $52,000 | — |
| First P&I | $2,965.34 | $2,965.34 | $3,747.47 |
| Second P&I | — | $529.88 | — |
| Mortgage insurance | — | — | $108.25 |
| Taxes, insurance & HOA | $420.67 | $420.67 | $420.67 |
| Total housing payment | $3,386.00 | $3,915.88 | $4,276.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,755
Closing costs & prepaids$15,717
Usable credit−$0
Total buyer cash needed$44,472
Earnest money paid−$0
Remaining funds due$44,472
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,700.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,446.23
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)$522.00
Initial HOA (3 months)$240.00
Prepaid interest, first (1 days)$73.99
Prepaid interest, second (1 days)$16.92
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$116,404Through Nov 2026
Assumption only · ends Sep 2052$430,009
Assumption + second · ends Sep 2052, second Dec 2056$568,766
New conventional · ends Dec 2056$823,757