Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,327/mo
Lowest payment- Down payment
- $56,713
- Funds due
- $70,990
- Interest + MI left
- $392,435
- First ends
- Sep 2052
Assumption
Assumption + second
$3,632/mo
+$306/mo- Down payment
- $26,713
- Funds due
- $42,250
- Interest + MI left
- $472,487
- First ends
- Sep 2052
New loan
New conventional
$4,100/mo
+$773/mo- Down payment
- $26,713
- Funds due
- $37,622
- Interest + MI left
- $758,277
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $468,287 | $468,287 | $498,287 |
| Second mortgage | — | $30,000 | — |
| First P&I | $2,776.52 | $2,776.52 | $3,450.04 |
| Second P&I | — | $305.70 | — |
| Mortgage insurance | — | — | $99.66 |
| Taxes, insurance & HOA | $550.08 | $550.08 | $550.08 |
| Total housing payment | $3,326.61 | $3,632.31 | $4,099.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,713
Closing costs & prepaids$15,537
Usable credit−$0
Total buyer cash needed$42,250
Earnest money paid−$0
Remaining funds due$42,250
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,341.44
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)$742.25
Initial HOA (3 months)$408.00
Prepaid interest, first (1 days)$68.00
Prepaid interest, second (1 days)$9.76
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 5.300%
Interest already paid$107,114Through Nov 2026
Assumption only · ends Sep 2052$392,435
Assumption + second · ends Sep 2052, second Dec 2056$472,487
New conventional · ends Dec 2056$758,277