Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,943/mo
Lowest payment- Down payment
- $57,866
- Funds due
- $71,242
- Interest + MI left
- $355,294
- First ends
- Nov 2052
Assumption
Assumption + second
$3,280/mo
+$336/mo- Down payment
- $24,866
- Funds due
- $39,503
- Interest + MI left
- $443,351
- First ends
- Nov 2052
New loan
New conventional
$3,753/mo
+$809/mo- Down payment
- $24,866
- Funds due
- $35,049
- Interest + MI left
- $715,529
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $437,134 | $437,134 | $470,134 |
| Second mortgage | — | $33,000 | — |
| First P&I | $2,539.83 | $2,539.83 | $3,255.11 |
| Second P&I | — | $336.27 | — |
| Mortgage insurance | — | — | $94.03 |
| Taxes, insurance & HOA | $403.67 | $403.67 | $403.67 |
| Total housing payment | $2,943.50 | $3,279.77 | $3,752.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,866
Closing costs & prepaids$14,637
Usable credit−$0
Total buyer cash needed$39,503
Earnest money paid−$0
Remaining funds due$39,503
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,185.67
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)$506.25
Initial HOA (3 months)$204.75
Prepaid interest, first (1 days)$61.44
Prepaid interest, second (1 days)$10.74
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 closing26 yrOf the original 30-year loan at 5.130%
Interest already paid$92,846Through Nov 2026
Assumption only · ends Nov 2052$355,294
Assumption + second · ends Nov 2052, second Dec 2056$443,351
New conventional · ends Dec 2056$715,529