Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,440/mo
Lowest payment- Down payment
- $81,470
- Funds due
- $96,669
- Interest + MI left
- $427,759
- First ends
- Sep 2052
Assumption
Assumption + second
$3,970/mo
+$530/mo- Down payment
- $29,470
- Funds due
- $46,072
- Interest + MI left
- $566,516
- First ends
- Sep 2052
New loan
New conventional
$4,245/mo
+$805/mo- Down payment
- $29,470
- Funds due
- $41,431
- Interest + MI left
- $793,155
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $488,530 | $488,530 | $540,530 |
| Second mortgage | — | $52,000 | — |
| First P&I | $2,965.34 | $2,965.34 | $3,661.74 |
| Second P&I | — | $529.88 | — |
| Mortgage insurance | — | — | $108.11 |
| Taxes, insurance & HOA | $474.67 | $474.67 | $474.67 |
| Total housing payment | $3,440.00 | $3,969.88 | $4,244.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,470
Closing costs & prepaids$16,602
Usable credit−$0
Total buyer cash needed$46,072
Earnest money paid−$0
Remaining funds due$46,072
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,700.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,442.65
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)$684.00
Initial HOA (3 months)$240.00
Prepaid interest, first (9 days)$664.94
Prepaid interest, second (9 days)$152.26
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 9 moOf the original 30-year loan at 5.52%
Interest already paid$118,654Through Dec 2026
Assumption only · ends Sep 2052$427,759
Assumption + second · ends Sep 2052, second Jan 2057$566,516
New conventional · ends Jan 2057$793,155