Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,513/mo
Lowest payment- Down payment
- $129,090
- Funds due
- $144,687
- Interest + MI left
- $432,071
- First ends
- Nov 2052
Assumption
Assumption + second
$4,028/mo
+$515/mo- Down payment
- $65,090
- Funds due
- $81,969
- Interest + MI left
- $553,456
- First ends
- Nov 2052
New loan
New conventional
$4,625/mo
+$1,112/mo- Down payment
- $65,090
- Funds due
- $76,727
- Interest + MI left
- $887,055
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $520,910 | $520,910 | $584,910 |
| Second mortgage | — | $64,000 | — |
| First P&I | $3,054.43 | $3,054.43 | $4,049.80 |
| Second P&I | — | $514.96 | — |
| Mortgage insurance | — | — | $116.98 |
| Taxes, insurance & HOA | $458.67 | $458.67 | $458.67 |
| Total housing payment | $3,513.10 | $4,028.05 | $4,625.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,090
Closing costs & prepaids$16,879
Usable credit−$0
Total buyer cash needed$81,969
Earnest money paid−$0
Remaining funds due$81,969
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,604.55
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)$721.00
Initial HOA (3 months)$155.01
Prepaid interest, first (2 days)$148.99
Prepaid interest, second (2 days)$31.56
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$112,523Through Nov 2026
Assumption only · ends Nov 2052$432,071
Assumption + second · ends Nov 2052, second Dec 2056$553,456
New conventional · ends Dec 2056$887,055