Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,760/mo
Lowest payment- Down payment
- $365,384
- Funds due
- $382,332
- Interest + MI left
- $294,873
- First ends
- Jun 2052
Assumption
Assumption + second
$4,852/mo
+$2,092/mo- Down payment
- $73,384
- Funds due
- $92,140
- Interest + MI left
- $755,966
- First ends
- Jun 2052
New loan
New conventional
$5,166/mo
+$2,406/mo- Down payment
- $73,384
- Funds due
- $87,693
- Interest + MI left
- $952,770
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $359,616 | $359,616 | $651,616 |
| Second mortgage | — | $292,000 | — |
| First P&I | $2,138.85 | $2,138.85 | $4,414.27 |
| Second P&I | — | $2,091.92 | — |
| Mortgage insurance | — | — | $130.32 |
| Taxes, insurance & HOA | $621.34 | $621.34 | $621.34 |
| Total housing payment | $2,760.19 | $4,852.11 | $5,165.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$73,384
Closing costs & prepaids$18,755
Usable credit−$0
Total buyer cash needed$92,140
Earnest money paid−$0
Remaining funds due$92,140
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,798.08
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$870.00
Initial HOA (3 months)$344.01
Prepaid interest, first (9 days)$467.30
Prepaid interest, second (9 days)$558.00
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 6 moOf the original 30-year loan at 5.27%
Interest already paid$88,651Through Dec 2026
Assumption only · ends Jun 2052$294,873
Assumption + second · ends Jun 2052, second Jan 2057$755,966
New conventional · ends Jan 2057$952,770