Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,999/mo
Lowest payment- Down payment
- $75,406
- Funds due
- $89,551
- Interest + MI left
- $318,643
- First ends
- Jun 2052
Assumption
Assumption + second
$3,478/mo
+$479/mo- Down payment
- $28,406
- Funds due
- $43,817
- Interest + MI left
- $444,057
- First ends
- Jun 2052
New loan
New conventional
$4,131/mo
+$1,132/mo- Down payment
- $28,406
- Funds due
- $39,149
- Interest + MI left
- $793,745
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $474,594 | $474,594 | $521,594 |
| Second mortgage | — | $47,000 | — |
| First P&I | $2,583.83 | $2,583.83 | $3,611.41 |
| Second P&I | — | $478.93 | — |
| Mortgage insurance | — | — | $104.32 |
| Taxes, insurance & HOA | $415.58 | $415.58 | $415.58 |
| Total housing payment | $2,999.42 | $3,478.35 | $4,131.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,406
Closing costs & prepaids$15,410
Usable credit−$0
Total buyer cash needed$43,817
Earnest money paid−$0
Remaining funds due$43,817
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,372.97
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)$440.75
Initial HOA (3 months)$306.00
Prepaid interest, first (1 days)$57.47
Prepaid interest, second (1 days)$15.29
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 7 moOf the original 30-year loan at 4.420%
Interest already paid$96,771Through Nov 2026
Assumption only · ends Jun 2052$318,643
Assumption + second · ends Jun 2052, second Dec 2056$444,057
New conventional · ends Dec 2056$793,745