Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,925/mo
Lowest payment- Down payment
- $95,943
- Funds due
- $113,123
- Interest + MI left
- $483,843
- First ends
- Nov 2052
Assumption
Assumption + second
$4,526/mo
+$601/mo- Down payment
- $36,943
- Funds due
- $55,392
- Interest + MI left
- $641,279
- First ends
- Nov 2052
New loan
New conventional
$5,302/mo
+$1,378/mo- Down payment
- $36,943
- Funds due
- $49,817
- Interest + MI left
- $1,063,942
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $640,057 | $640,057 | $699,057 |
| Second mortgage | — | $59,000 | — |
| First P&I | $3,602.24 | $3,602.24 | $4,840.13 |
| Second P&I | — | $601.21 | — |
| Mortgage insurance | — | — | $139.81 |
| Taxes, insurance & HOA | $322.34 | $322.34 | $322.34 |
| Total housing payment | $3,924.58 | $4,525.79 | $5,302.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,943
Closing costs & prepaids$18,449
Usable credit−$0
Total buyer cash needed$55,392
Earnest money paid−$0
Remaining funds due$55,392
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,360.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,200.28
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$312.00
Initial HOA (3 months)$5.01
Prepaid interest, first (1 days)$84.52
Prepaid interest, second (1 days)$19.20
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 4.820%
Interest already paid$127,965Through Nov 2026
Assumption only · ends Nov 2052$483,843
Assumption + second · ends Nov 2052, second Dec 2056$641,279
New conventional · ends Dec 2056$1,063,942