Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,660/mo
Lowest payment- Down payment
- $55,470
- Funds due
- $71,215
- Interest + MI left
- $392,635
- First ends
- Jul 2052
Assumption
Assumption + second
$3,935/mo
+$275/mo- Down payment
- $28,470
- Funds due
- $45,518
- Interest + MI left
- $464,682
- First ends
- Jul 2052
New loan
New conventional
$4,463/mo
+$803/mo- Down payment
- $28,470
- Funds due
- $40,806
- Interest + MI left
- $787,393
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $509,530 | $509,530 | $536,530 |
| Second mortgage | — | $27,000 | — |
| First P&I | $2,938.65 | $2,938.65 | $3,634.64 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | — | — | $107.31 |
| Taxes, insurance & HOA | $720.92 | $720.92 | $720.92 |
| Total housing payment | $3,659.57 | $3,934.70 | $4,462.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,470
Closing costs & prepaids$17,048
Usable credit−$0
Total buyer cash needed$45,518
Earnest money paid−$0
Remaining funds due$45,518
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,547.65
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)$1,440.75
Initial HOA (3 months)$222.00
Prepaid interest, first (6 days)$417.12
Prepaid interest, second (6 days)$52.71
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 7 moOf the original 30-year loan at 4.98%
Interest already paid$116,613Through Dec 2026
Assumption only · ends Jul 2052$392,635
Assumption + second · ends Jul 2052, second Jan 2057$464,682
New conventional · ends Jan 2057$787,393