Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,985/mo
Lowest payment- Down payment
- $171,105
- Funds due
- $185,848
- Interest + MI left
- $376,168
- First ends
- Nov 2052
Assumption
Assumption + second
$3,814/mo
+$829/mo- Down payment
- $58,105
- Funds due
- $74,321
- Interest + MI left
- $561,664
- First ends
- Nov 2052
New loan
New conventional
$4,082/mo
+$1,097/mo- Down payment
- $58,105
- Funds due
- $69,794
- Interest + MI left
- $755,786
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $403,895 | $403,895 | $516,895 |
| Second mortgage | — | $113,000 | — |
| First P&I | $2,508.24 | $2,508.24 | $3,501.63 |
| Second P&I | — | $829.15 | — |
| Mortgage insurance | — | — | $103.38 |
| Taxes, insurance & HOA | $476.67 | $476.67 | $476.67 |
| Total housing payment | $2,984.91 | $3,814.06 | $4,081.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,105
Closing costs & prepaids$16,216
Usable credit−$0
Total buyer cash needed$74,321
Earnest money paid−$0
Remaining funds due$74,321
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,019.48
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)$690.00
Initial HOA (3 months)$240.00
Prepaid interest, first (9 days)$575.63
Prepaid interest, second (9 days)$222.90
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 5.78%
Interest already paid$98,391Through Dec 2026
Assumption only · ends Nov 2052$376,168
Assumption + second · ends Nov 2052, second Jan 2057$561,664
New conventional · ends Jan 2057$755,786