Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,025/mo
Lowest payment- Down payment
- $87,951
- Funds due
- $101,682
- Interest + MI left
- $364,989
- First ends
- Oct 2052
Assumption
Assumption + second
$3,322/mo
+$298/mo- Down payment
- $50,951
- Funds due
- $65,950
- Interest + MI left
- $435,164
- First ends
- Oct 2052
New loan
New conventional
$3,725/mo
+$700/mo- Down payment
- $50,951
- Funds due
- $61,377
- Interest + MI left
- $680,772
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $411,949 | $411,949 | $448,949 |
| Second mortgage | — | $37,000 | — |
| First P&I | $2,498.19 | $2,498.19 | $3,108.43 |
| Second P&I | — | $297.71 | — |
| Mortgage insurance | — | — | $89.79 |
| Taxes, insurance & HOA | $526.41 | $526.41 | $526.41 |
| Total housing payment | $3,024.61 | $3,322.32 | $3,724.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,951
Closing costs & prepaids$14,999
Usable credit−$0
Total buyer cash needed$65,950
Earnest money paid−$0
Remaining funds due$65,950
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,059.75
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)$1,039.25
Initial HOA (3 months)$39.99
Prepaid interest, first (2 days)$125.05
Prepaid interest, second (2 days)$18.25
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 11 moOf the original 30-year loan at 5.540%
Interest already paid$96,313Through Nov 2026
Assumption only · ends Oct 2052$364,989
Assumption + second · ends Oct 2052, second Dec 2056$435,164
New conventional · ends Dec 2056$680,772