Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,515/mo
Lowest payment- Down payment
- $137,535
- Funds due
- $153,261
- Interest + MI left
- $364,511
- First ends
- Dec 2052
Assumption
Assumption + second
$4,183/mo
+$668/mo- Down payment
- $54,535
- Funds due
- $71,552
- Interest + MI left
- $521,933
- First ends
- Dec 2052
New loan
New conventional
$4,543/mo
+$1,028/mo- Down payment
- $54,535
- Funds due
- $66,960
- Interest + MI left
- $743,823
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $407,465 | $407,465 | $490,465 |
| Second mortgage | — | $83,000 | — |
| First P&I | $2,466.38 | $2,466.38 | $3,395.88 |
| Second P&I | — | $667.84 | — |
| Mortgage insurance | — | — | $98.09 |
| Taxes, insurance & HOA | $1,048.83 | $1,048.83 | $1,048.83 |
| Total housing payment | $3,515.21 | $4,183.05 | $4,542.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,535
Closing costs & prepaids$17,017
Usable credit−$0
Total buyer cash needed$71,552
Earnest money paid−$0
Remaining funds due$71,552
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,037.32
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)$1,362.50
Initial HOA (3 months)$1,284.00
Prepaid interest, first (2 days)$123.91
Prepaid interest, second (2 days)$40.93
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 yr 1 moOf the original 30-year loan at 5.550%
Interest already paid$91,392Through Nov 2026
Assumption only · ends Dec 2052$364,511
Assumption + second · ends Dec 2052, second Dec 2056$521,933
New conventional · ends Dec 2056$743,823