Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,729/mo
Lowest payment- Down payment
- $62,414
- Funds due
- $73,089
- Interest + MI left
- $135,146
- First ends
- May 2052
Assumption
Assumption + second
$1,986/mo
+$257/mo- Down payment
- $30,414
- Funds due
- $42,410
- Interest + MI left
- $195,838
- First ends
- May 2052
New loan
New conventional
$2,368/mo
+$640/mo- Down payment
- $30,414
- Funds due
- $39,072
- Interest + MI left
- $386,816
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $232,586 | $232,586 | $264,586 |
| Second mortgage | — | $32,000 | — |
| First P&I | $1,205.68 | $1,205.68 | $1,792.40 |
| Second P&I | — | $257.48 | — |
| Mortgage insurance | — | — | $52.92 |
| Taxes, insurance & HOA | $523.00 | $523.00 | $523.00 |
| Total housing payment | $1,728.68 | $1,986.16 | $2,368.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,414
Closing costs & prepaids$11,996
Usable credit−$0
Total buyer cash needed$42,410
Earnest money paid−$0
Remaining funds due$42,410
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,162.93
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)$354.00
Initial HOA (3 months)$765.00
Prepaid interest, first (9 days)$224.81
Prepaid interest, second (9 days)$71.01
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 3.92%
Interest already paid$43,898Through Dec 2026
Assumption only · ends May 2052$135,146
Assumption + second · ends May 2052, second Jan 2057$195,838
New conventional · ends Jan 2057$386,816