Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,154/mo
Lowest payment- Down payment
- $124,933
- Funds due
- $140,019
- Interest + MI left
- $377,457
- First ends
- Dec 2052
Assumption
Assumption + second
$3,685/mo
+$531/mo- Down payment
- $58,933
- Funds due
- $75,415
- Interest + MI left
- $502,635
- First ends
- Dec 2052
New loan
New conventional
$4,120/mo
+$966/mo- Down payment
- $58,933
- Funds due
- $70,698
- Interest + MI left
- $761,782
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $455,067 | $455,067 | $521,067 |
| Second mortgage | — | $66,000 | — |
| First P&I | $2,668.35 | $2,668.35 | $3,529.89 |
| Second P&I | — | $531.05 | — |
| Mortgage insurance | — | — | $104.21 |
| Taxes, insurance & HOA | $485.67 | $485.67 | $485.67 |
| Total housing payment | $3,154.01 | $3,685.06 | $4,119.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,933
Closing costs & prepaids$16,483
Usable credit−$0
Total buyer cash needed$75,415
Earnest money paid−$0
Remaining funds due$75,415
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,275.34
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)$696.00
Initial HOA (3 months)$261.00
Prepaid interest, first (9 days)$585.73
Prepaid interest, second (9 days)$146.47
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 closing26 yrOf the original 30-year loan at 5.22%
Interest already paid$98,300Through Dec 2026
Assumption only · ends Dec 2052$377,457
Assumption + second · ends Dec 2052, second Jan 2057$502,635
New conventional · ends Jan 2057$761,782