Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,089/mo
Lowest payment- Down payment
- $66,661
- Funds due
- $80,397
- Interest + MI left
- $382,218
- First ends
- Sep 2052
Assumption
Assumption + second
$3,497/mo
+$408/mo- Down payment
- $26,661
- Funds due
- $41,660
- Interest + MI left
- $488,954
- First ends
- Sep 2052
New loan
New conventional
$3,947/mo
+$858/mo- Down payment
- $26,661
- Funds due
- $37,057
- Interest + MI left
- $765,913
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $463,239 | $463,239 | $503,239 |
| Second mortgage | — | $40,000 | — |
| First P&I | $2,727.28 | $2,727.28 | $3,484.33 |
| Second P&I | — | $407.60 | — |
| Mortgage insurance | — | — | $100.65 |
| Taxes, insurance & HOA | $362.08 | $362.08 | $362.08 |
| Total housing payment | $3,089.36 | $3,496.96 | $3,947.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,661
Closing costs & prepaids$14,999
Usable credit−$0
Total buyer cash needed$41,660
Earnest money paid−$0
Remaining funds due$41,660
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,299.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,316.19
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)$406.25
Initial HOA (3 months)$180.00
Prepaid interest, first (1 days)$66.38
Prepaid interest, second (1 days)$13.01
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 5.230%
Interest already paid$104,603Through Nov 2026
Assumption only · ends Sep 2052$382,218
Assumption + second · ends Sep 2052, second Dec 2056$488,954
New conventional · ends Dec 2056$765,913