Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,326/mo
Lowest payment- Down payment
- $51,820
- Funds due
- $63,183
- Interest + MI left
- $291,309
- First ends
- Oct 2052
Assumption
Assumption + second
$2,652/mo
+$326/mo- Down payment
- $19,820
- Funds due
- $32,454
- Interest + MI left
- $376,698
- First ends
- Oct 2052
New loan
New conventional
$2,938/mo
+$613/mo- Down payment
- $19,820
- Funds due
- $28,551
- Interest + MI left
- $563,176
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $338,080 | $338,080 | $370,080 |
| Second mortgage | — | $32,000 | — |
| First P&I | $2,023.76 | $2,023.76 | $2,562.36 |
| Second P&I | — | $326.08 | — |
| Mortgage insurance | — | — | $74.02 |
| Taxes, insurance & HOA | $301.75 | $301.75 | $301.75 |
| Total housing payment | $2,325.51 | $2,651.59 | $2,938.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,820
Closing costs & prepaids$12,634
Usable credit−$0
Total buyer cash needed$32,454
Earnest money paid−$0
Remaining funds due$32,454
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,899.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,690.40
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$215.25
Initial HOA (3 months)$240.00
Prepaid interest, first (2 days)$100.22
Prepaid interest, second (2 days)$20.82
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 11 moOf the original 30-year loan at 5.410%
Interest already paid$77,244Through Nov 2026
Assumption only · ends Oct 2052$291,309
Assumption + second · ends Oct 2052, second Dec 2056$376,698
New conventional · ends Dec 2056$563,176