Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,931/mo
Lowest payment- Down payment
- $180,952
- Funds due
- $195,203
- Interest + MI left
- $358,231
- First ends
- Jul 2052
Assumption
Assumption + second
$3,833/mo
+$903/mo- Down payment
- $57,952
- Funds due
- $73,507
- Interest + MI left
- $560,142
- First ends
- Jul 2052
New loan
New conventional
$4,152/mo
+$1,221/mo- Down payment
- $57,952
- Funds due
- $68,969
- Interest + MI left
- $776,453
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $389,048 | $389,048 | $512,048 |
| Second mortgage | — | $123,000 | — |
| First P&I | $2,426.23 | $2,426.23 | $3,545.32 |
| Second P&I | — | $902.53 | — |
| Mortgage insurance | — | — | $102.41 |
| Taxes, insurance & HOA | $504.67 | $504.67 | $504.67 |
| Total housing payment | $2,930.90 | $3,833.43 | $4,152.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,952
Closing costs & prepaids$15,554
Usable credit−$0
Total buyer cash needed$73,507
Earnest money paid−$0
Remaining funds due$73,507
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%)$1,945.24
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)$369.00
Initial HOA (3 months)$645.00
Prepaid interest, first (2 days)$123.22
Prepaid interest, second (2 days)$53.92
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 closing25 yr 8 moOf the original 30-year loan at 5.780%
Interest already paid$100,812Through Nov 2026
Assumption only · ends Jul 2052$358,231
Assumption + second · ends Jul 2052, second Dec 2056$560,142
New conventional · ends Dec 2056$776,453