Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,117/mo
Lowest payment- Down payment
- $124,247
- Funds due
- $138,769
- Interest + MI left
- $379,440
- First ends
- Dec 2052
Assumption
Assumption + second
$3,648/mo
+$531/mo- Down payment
- $58,247
- Funds due
- $74,051
- Interest + MI left
- $504,618
- First ends
- Dec 2052
New loan
New conventional
$4,165/mo
+$1,049/mo- Down payment
- $58,247
- Funds due
- $69,196
- Interest + MI left
- $791,274
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $455,753 | $455,753 | $521,753 |
| Second mortgage | — | $66,000 | — |
| First P&I | $2,668.35 | $2,668.35 | $3,612.51 |
| Second P&I | — | $531.05 | — |
| Mortgage insurance | — | — | $104.35 |
| Taxes, insurance & HOA | $448.17 | $448.17 | $448.17 |
| Total housing payment | $3,116.51 | $3,647.56 | $4,165.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,247
Closing costs & prepaids$15,804
Usable credit−$0
Total buyer cash needed$74,051
Earnest money paid−$0
Remaining funds due$74,051
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,278.76
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)$583.50
Initial HOA (3 months)$261.00
Prepaid interest, first (2 days)$130.36
Prepaid interest, second (2 days)$32.55
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 5.220%
Interest already paid$96,317Through Nov 2026
Assumption only · ends Dec 2052$379,440
Assumption + second · ends Dec 2052, second Dec 2056$504,618
New conventional · ends Dec 2056$791,274