Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,583/mo
Lowest payment- Down payment
- $84,641
- Funds due
- $99,942
- Interest + MI left
- $427,462
- First ends
- Nov 2052
Assumption
Assumption + second
$4,133/mo
+$550/mo- Down payment
- $30,641
- Funds due
- $47,210
- Interest + MI left
- $571,556
- First ends
- Nov 2052
New loan
New conventional
$4,617/mo
+$1,034/mo- Down payment
- $30,641
- Funds due
- $42,307
- Interest + MI left
- $866,424
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $515,354 | $515,354 | $569,354 |
| Second mortgage | — | $54,000 | — |
| First P&I | $3,021.85 | $3,021.85 | $3,942.09 |
| Second P&I | — | $550.26 | — |
| Mortgage insurance | — | — | $113.87 |
| Taxes, insurance & HOA | $560.83 | $560.83 | $560.83 |
| Total housing payment | $3,582.68 | $4,132.94 | $4,616.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,641
Closing costs & prepaids$16,568
Usable credit−$0
Total buyer cash needed$47,210
Earnest money paid−$0
Remaining funds due$47,210
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,999.95
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,576.77
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)$708.50
Initial HOA (3 months)$474.00
Prepaid interest, first (1 days)$73.70
Prepaid interest, second (1 days)$17.57
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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$111,322Through Nov 2026
Assumption only · ends Nov 2052$427,462
Assumption + second · ends Nov 2052, second Dec 2056$571,556
New conventional · ends Dec 2056$866,424