Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,035/mo
Lowest payment- Down payment
- $148,846
- Funds due
- $161,609
- Interest + MI left
- $175,231
- First ends
- May 2052
Assumption
Assumption + second
$2,783/mo
+$748/mo- Down payment
- $46,846
- Funds due
- $61,060
- Interest + MI left
- $342,670
- First ends
- May 2052
New loan
New conventional
$3,340/mo
+$1,305/mo- Down payment
- $46,846
- Funds due
- $57,214
- Interest + MI left
- $611,410
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $316,154 | $316,154 | $418,154 |
| Second mortgage | — | $102,000 | — |
| First P&I | $1,611.10 | $1,611.10 | $2,832.72 |
| Second P&I | — | $748.44 | — |
| Mortgage insurance | — | — | $83.63 |
| Taxes, insurance & HOA | $423.67 | $423.67 | $423.67 |
| Total housing payment | $2,034.77 | $2,783.21 | $3,340.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,846
Closing costs & prepaids$14,214
Usable credit−$0
Total buyer cash needed$61,060
Earnest money paid−$0
Remaining funds due$61,060
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,580.77
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)$558.00
Initial HOA (3 months)$213.00
Prepaid interest, first (9 days)$293.11
Prepaid interest, second (9 days)$201.21
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 5 moOf the original 30-year loan at 3.76%
Interest already paid$57,307Through Dec 2026
Assumption only · ends May 2052$175,231
Assumption + second · ends May 2052, second Jan 2057$342,670
New conventional · ends Jan 2057$611,410