Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,950/mo
Lowest payment- Down payment
- $58,997
- Funds due
- $70,154
- Interest + MI left
- $178,021
- First ends
- May 2052
Assumption
Assumption + second
$2,357/mo
+$408/mo- Down payment
- $18,997
- Funds due
- $31,417
- Interest + MI left
- $284,757
- First ends
- May 2052
New loan
New conventional
$2,887/mo
+$937/mo- Down payment
- $18,997
- Funds due
- $27,611
- Interest + MI left
- $547,913
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $320,003 | $320,003 | $360,003 |
| Second mortgage | — | $40,000 | — |
| First P&I | $1,627.53 | $1,627.53 | $2,492.59 |
| Second P&I | — | $407.60 | — |
| Mortgage insurance | — | — | $72.00 |
| Taxes, insurance & HOA | $322.00 | $322.00 | $322.00 |
| Total housing payment | $1,949.53 | $2,357.13 | $2,886.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,997
Closing costs & prepaids$12,420
Usable credit−$0
Total buyer cash needed$31,417
Earnest money paid−$0
Remaining funds due$31,417
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,790.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,600.01
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)$396.00
Initial HOA (3 months)$120.00
Prepaid interest, first (1 days)$32.96
Prepaid interest, second (1 days)$13.01
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 6 moOf the original 30-year loan at 3.760%
Interest already paid$56,889Through Nov 2026
Assumption only · ends May 2052$178,021
Assumption + second · ends May 2052, second Dec 2056$284,757
New conventional · ends Dec 2056$547,913