Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,052/mo
Lowest payment- Down payment
- $43,203
- Funds due
- $53,860
- Interest + MI left
- $222,574
- First ends
- Jul 2052
Assumption
Assumption + second
$2,327/mo
+$275/mo- Down payment
- $16,203
- Funds due
- $28,119
- Interest + MI left
- $294,621
- First ends
- Jul 2052
New loan
New conventional
$2,575/mo
+$523/mo- Down payment
- $16,203
- Funds due
- $24,567
- Interest + MI left
- $454,699
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $271,797 | $271,797 | $298,797 |
| Second mortgage | — | $27,000 | — |
| First P&I | $1,605.10 | $1,605.10 | $2,068.81 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | — | — | $59.76 |
| Taxes, insurance & HOA | $446.92 | $446.92 | $446.92 |
| Total housing payment | $2,052.02 | $2,327.15 | $2,575.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,203
Closing costs & prepaids$11,915
Usable credit−$0
Total buyer cash needed$28,119
Earnest money paid−$0
Remaining funds due$28,119
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,358.98
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)$560.75
Initial HOA (3 months)$330.00
Prepaid interest, first (1 days)$38.95
Prepaid interest, second (1 days)$8.78
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 closing25 yr 8 moOf the original 30-year loan at 5.230%
Interest already paid$63,937Through Nov 2026
Assumption only · ends Jul 2052$222,574
Assumption + second · ends Jul 2052, second Dec 2056$294,621
New conventional · ends Dec 2056$454,699