Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,781/mo
Lowest payment- Down payment
- $132,041
- Funds due
- $148,101
- Interest + MI left
- $457,939
- First ends
- Oct 2052
Assumption
Assumption + second
$4,320/mo
+$539/mo- Down payment
- $65,041
- Funds due
- $82,367
- Interest + MI left
- $585,014
- First ends
- Oct 2052
New loan
New conventional
$4,806/mo
+$1,025/mo- Down payment
- $65,041
- Funds due
- $77,113
- Interest + MI left
- $885,461
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $516,859 | $516,859 | $583,859 |
| Second mortgage | — | $67,000 | — |
| First P&I | $3,134.40 | $3,134.40 | $4,042.52 |
| Second P&I | — | $539.10 | — |
| Mortgage insurance | — | — | $116.77 |
| Taxes, insurance & HOA | $646.75 | $646.75 | $646.75 |
| Total housing payment | $3,781.15 | $4,320.25 | $4,806.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,041
Closing costs & prepaids$17,327
Usable credit−$0
Total buyer cash needed$82,367
Earnest money paid−$0
Remaining funds due$82,367
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,489.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,584.30
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)$705.25
Initial HOA (3 months)$735.00
Prepaid interest, first (1 days)$78.45
Prepaid interest, second (1 days)$16.52
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 11 moOf the original 30-year loan at 5.540%
Interest already paid$120,841Through Nov 2026
Assumption only · ends Oct 2052$457,939
Assumption + second · ends Oct 2052, second Dec 2056$585,014
New conventional · ends Dec 2056$885,461