Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,010/mo
Lowest payment- Down payment
- $148,227
- Funds due
- $160,659
- Interest + MI left
- $176,224
- First ends
- May 2052
Assumption
Assumption + second
$2,751/mo
+$741/mo- Down payment
- $47,227
- Funds due
- $60,931
- Interest + MI left
- $342,021
- First ends
- May 2052
New loan
New conventional
$3,375/mo
+$1,365/mo- Down payment
- $47,227
- Funds due
- $56,862
- Interest + MI left
- $633,497
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $316,773 | $316,773 | $417,773 |
| Second mortgage | — | $101,000 | — |
| First P&I | $1,611.10 | $1,611.10 | $2,892.58 |
| Second P&I | — | $741.10 | — |
| Mortgage insurance | — | — | $83.55 |
| Taxes, insurance & HOA | $399.08 | $399.08 | $399.08 |
| Total housing payment | $2,010.18 | $2,751.29 | $3,375.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,227
Closing costs & prepaids$13,704
Usable credit−$0
Total buyer cash needed$60,931
Earnest money paid−$0
Remaining funds due$60,931
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%)$1,583.86
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)$484.25
Initial HOA (3 months)$213.00
Prepaid interest, first (1 days)$32.63
Prepaid interest, second (1 days)$22.14
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$56,315Through Nov 2026
Assumption only · ends May 2052$176,224
Assumption + second · ends May 2052, second Dec 2056$342,021
New conventional · ends Dec 2056$633,497