Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,471/mo
Lowest payment- Down payment
- $153,261
- Funds due
- $168,477
- Interest + MI left
- $465,285
- First ends
- Nov 2052
Assumption
Assumption + second
$4,187/mo
+$716/mo- Down payment
- $64,261
- Funds due
- $80,771
- Interest + MI left
- $634,086
- First ends
- Nov 2052
New loan
New conventional
$4,521/mo
+$1,050/mo- Down payment
- $64,261
- Funds due
- $75,684
- Interest + MI left
- $873,147
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $486,739 | $486,739 | $575,739 |
| Second mortgage | — | $89,000 | — |
| First P&I | $3,051.36 | $3,051.36 | $3,986.30 |
| Second P&I | — | $716.11 | — |
| Mortgage insurance | — | — | $115.15 |
| Taxes, insurance & HOA | $419.17 | $419.17 | $419.17 |
| Total housing payment | $3,470.53 | $4,186.64 | $4,520.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$64,261
Closing costs & prepaids$16,510
Usable credit−$0
Total buyer cash needed$80,771
Earnest money paid−$0
Remaining funds due$80,771
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,433.70
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)$517.50
Initial HOA (3 months)$240.00
Prepaid interest, first (2 days)$157.09
Prepaid interest, second (2 days)$43.89
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 5.890%
Interest already paid$118,204Through Nov 2026
Assumption only · ends Nov 2052$465,285
Assumption + second · ends Nov 2052, second Dec 2056$634,086
New conventional · ends Dec 2056$873,147