Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,015/mo
Lowest payment- Down payment
- $77,816
- Funds due
- $94,245
- Interest + MI left
- $466,224
- First ends
- Aug 2052
Assumption
Assumption + second
$4,474/mo
+$459/mo- Down payment
- $32,816
- Funds due
- $50,525
- Interest + MI left
- $586,302
- First ends
- Aug 2052
New loan
New conventional
$5,032/mo
+$1,017/mo- Down payment
- $32,816
- Funds due
- $45,374
- Interest + MI left
- $931,602
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $567,184 | $567,184 | $612,184 |
| Second mortgage | — | $45,000 | — |
| First P&I | $3,344.36 | $3,344.36 | $4,238.64 |
| Second P&I | — | $458.55 | — |
| Mortgage insurance | — | — | $122.44 |
| Taxes, insurance & HOA | $670.83 | $670.83 | $670.83 |
| Total housing payment | $4,015.19 | $4,473.74 | $5,031.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,816
Closing costs & prepaids$17,708
Usable credit−$0
Total buyer cash needed$50,525
Earnest money paid−$0
Remaining funds due$50,525
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,835.92
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)$1,317.50
Initial HOA (3 months)$195.00
Prepaid interest, first (2 days)$162.54
Prepaid interest, second (2 days)$29.28
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 5.230%
Interest already paid$130,746Through Nov 2026
Assumption only · ends Aug 2052$466,224
Assumption + second · ends Aug 2052, second Dec 2056$586,302
New conventional · ends Dec 2056$931,602