Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,785/mo
Lowest payment- Down payment
- $96,842
- Funds due
- $110,665
- Interest + MI left
- $287,466
- First ends
- Jun 2052
Assumption
Assumption + second
$3,139/mo
+$354/mo- Down payment
- $52,842
- Funds due
- $67,937
- Interest + MI left
- $370,918
- First ends
- Jun 2052
New loan
New conventional
$3,817/mo
+$1,033/mo- Down payment
- $52,842
- Funds due
- $63,291
- Interest + MI left
- $716,059
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $428,158 | $428,158 | $472,158 |
| Second mortgage | — | $44,000 | — |
| First P&I | $2,331.02 | $2,331.02 | $3,269.13 |
| Second P&I | — | $354.03 | — |
| Mortgage insurance | — | — | $94.43 |
| Taxes, insurance & HOA | $453.67 | $453.67 | $453.67 |
| Total housing payment | $2,784.69 | $3,138.72 | $3,817.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,842
Closing costs & prepaids$15,095
Usable credit−$0
Total buyer cash needed$67,937
Earnest money paid−$0
Remaining funds due$67,937
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,140.79
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)$561.00
Initial HOA (3 months)$300.00
Prepaid interest, first (2 days)$103.70
Prepaid interest, second (2 days)$21.70
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 7 moOf the original 30-year loan at 4.420%
Interest already paid$87,303Through Nov 2026
Assumption only · ends Jun 2052$287,466
Assumption + second · ends Jun 2052, second Dec 2056$370,918
New conventional · ends Dec 2056$716,059