Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,460/mo
Lowest payment- Down payment
- $78,341
- Funds due
- $90,451
- Interest + MI left
- $295,832
- First ends
- Nov 2052
Assumption
Assumption + second
$2,734/mo
+$274/mo- Down payment
- $44,341
- Funds due
- $57,718
- Interest + MI left
- $360,318
- First ends
- Nov 2052
New loan
New conventional
$3,152/mo
+$692/mo- Down payment
- $44,341
- Funds due
- $53,488
- Interest + MI left
- $592,383
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $356,659 | $356,659 | $390,659 |
| Second mortgage | — | $34,000 | — |
| First P&I | $2,091.32 | $2,091.32 | $2,704.84 |
| Second P&I | — | $273.57 | — |
| Mortgage insurance | — | — | $78.13 |
| Taxes, insurance & HOA | $369.00 | $369.00 | $369.00 |
| Total housing payment | $2,460.32 | $2,733.89 | $3,151.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,341
Closing costs & prepaids$13,377
Usable credit−$0
Total buyer cash needed$57,718
Earnest money paid−$0
Remaining funds due$57,718
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,783.30
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$447.00
Initial HOA (3 months)$210.00
Prepaid interest, first (2 days)$102.01
Prepaid interest, second (2 days)$16.77
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 5.220%
Interest already paid$77,043Through Nov 2026
Assumption only · ends Nov 2052$295,832
Assumption + second · ends Nov 2052, second Dec 2056$360,318
New conventional · ends Dec 2056$592,383