Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,222/mo
Lowest payment- Down payment
- $56,363
- Funds due
- $70,572
- Interest + MI left
- $355,534
- First ends
- Nov 2052
Assumption
Assumption + second
$3,548/mo
+$326/mo- Down payment
- $24,363
- Funds due
- $39,843
- Interest + MI left
- $440,923
- First ends
- Nov 2052
New loan
New conventional
$3,990/mo
+$768/mo- Down payment
- $24,363
- Funds due
- $35,456
- Interest + MI left
- $701,074
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $428,637 | $428,637 | $460,637 |
| Second mortgage | — | $32,000 | — |
| First P&I | $2,513.37 | $2,513.37 | $3,189.36 |
| Second P&I | — | $326.08 | — |
| Mortgage insurance | — | — | $92.13 |
| Taxes, insurance & HOA | $708.25 | $708.25 | $708.25 |
| Total housing payment | $3,221.62 | $3,547.70 | $3,989.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,363
Closing costs & prepaids$15,479
Usable credit−$0
Total buyer cash needed$39,843
Earnest money paid−$0
Remaining funds due$39,843
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,143.18
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)$1,300.75
Initial HOA (3 months)$324.00
Prepaid interest, first (2 days)$122.60
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 closing26 yrOf the original 30-year loan at 5.220%
Interest already paid$92,590Through Nov 2026
Assumption only · ends Nov 2052$355,534
Assumption + second · ends Nov 2052, second Dec 2056$440,923
New conventional · ends Dec 2056$701,074