Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,424/mo
Lowest payment- Down payment
- $101,169
- Funds due
- $115,808
- Interest + MI left
- $442,494
- First ends
- Aug 2052
Assumption
Assumption + second
$3,770/mo
+$346/mo- Down payment
- $58,169
- Funds due
- $74,079
- Interest + MI left
- $524,050
- First ends
- Aug 2052
New loan
New conventional
$4,159/mo
+$735/mo- Down payment
- $58,169
- Funds due
- $69,100
- Interest + MI left
- $791,240
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $478,731 | $478,731 | $521,731 |
| Second mortgage | — | $43,000 | — |
| First P&I | $2,981.31 | $2,981.31 | $3,612.36 |
| Second P&I | — | $345.99 | — |
| Mortgage insurance | — | — | $104.35 |
| Taxes, insurance & HOA | $442.25 | $442.25 | $442.25 |
| Total housing payment | $3,423.56 | $3,769.55 | $4,158.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,169
Closing costs & prepaids$15,910
Usable credit−$0
Total buyer cash needed$74,079
Earnest money paid−$0
Remaining funds due$74,079
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,799.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,393.65
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)$726.75
Initial HOA (3 months)$99.99
Prepaid interest, first (2 days)$151.62
Prepaid interest, second (2 days)$21.21
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 9 moOf the original 30-year loan at 5.780%
Interest already paid$121,570Through Nov 2026
Assumption only · ends Aug 2052$442,494
Assumption + second · ends Aug 2052, second Dec 2056$524,050
New conventional · ends Dec 2056$791,240