Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,781/mo
Lowest payment- Down payment
- $91,709
- Funds due
- $103,256
- Interest + MI left
- $132,207
- First ends
- May 2052
Assumption
Assumption + second
$2,191/mo
+$410/mo- Down payment
- $40,709
- Funds due
- $53,619
- Interest + MI left
- $228,935
- First ends
- May 2052
New loan
New conventional
$2,842/mo
+$1,062/mo- Down payment
- $40,709
- Funds due
- $49,923
- Interest + MI left
- $525,271
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $308,291 | $308,291 | $359,291 |
| Second mortgage | — | $51,000 | — |
| First P&I | $1,444.25 | $1,444.25 | $2,433.96 |
| Second P&I | — | $410.36 | — |
| Mortgage insurance | — | — | $71.86 |
| Taxes, insurance & HOA | $336.67 | $336.67 | $336.67 |
| Total housing payment | $1,780.92 | $2,191.28 | $2,842.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,709
Closing costs & prepaids$12,910
Usable credit−$0
Total buyer cash needed$53,619
Earnest money paid−$0
Remaining funds due$53,619
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,541.45
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$480.00
Initial HOA (3 months)$80.01
Prepaid interest, first (9 days)$227.29
Prepaid interest, second (9 days)$113.18
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 2.99%
Interest already paid$44,724Through Dec 2026
Assumption only · ends May 2052$132,207
Assumption + second · ends May 2052, second Jan 2057$228,935
New conventional · ends Jan 2057$525,271