Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,209/mo
Lowest payment- Down payment
- $148,968
- Funds due
- $162,281
- Interest + MI left
- $193,972
- First ends
- May 2052
Assumption
Assumption + second
$2,997/mo
+$789/mo- Down payment
- $50,968
- Funds due
- $65,748
- Interest + MI left
- $379,843
- First ends
- May 2052
New loan
New conventional
$3,553/mo
+$1,345/mo- Down payment
- $50,968
- Funds due
- $61,693
- Interest + MI left
- $656,455
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $351,022 | $351,022 | $449,022 |
| Second mortgage | — | $98,000 | — |
| First P&I | $1,786.87 | $1,786.87 | $3,041.83 |
| Second P&I | — | $788.53 | — |
| Mortgage insurance | — | — | $89.80 |
| Taxes, insurance & HOA | $421.67 | $421.67 | $421.67 |
| Total housing payment | $2,208.53 | $2,997.06 | $3,553.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,968
Closing costs & prepaids$14,780
Usable credit−$0
Total buyer cash needed$65,748
Earnest money paid−$0
Remaining funds due$65,748
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,999.90
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,755.11
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)$600.00
Initial HOA (3 months)$165.00
Prepaid interest, first (9 days)$324.58
Prepaid interest, second (9 days)$217.48
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 3.75%
Interest already paid$63,464Through Dec 2026
Assumption only · ends May 2052$193,972
Assumption + second · ends May 2052, second Jan 2057$379,843
New conventional · ends Jan 2057$656,455