Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,996/mo
Lowest payment- Down payment
- $83,612
- Funds due
- $98,333
- Interest + MI left
- $253,337
- First ends
- May 2052
Assumption
Assumption + second
$3,229/mo
+$233/mo- Down payment
- $54,612
- Funds due
- $70,590
- Interest + MI left
- $308,340
- First ends
- May 2052
New loan
New conventional
$4,131/mo
+$1,135/mo- Down payment
- $54,612
- Funds due
- $65,769
- Interest + MI left
- $734,510
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $455,388 | $455,388 | $484,388 |
| Second mortgage | — | $29,000 | — |
| First P&I | $2,316.10 | $2,316.10 | $3,353.80 |
| Second P&I | — | $233.34 | — |
| Mortgage insurance | — | — | $96.88 |
| Taxes, insurance & HOA | $679.92 | $679.92 | $679.92 |
| Total housing payment | $2,996.01 | $3,229.35 | $4,130.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,612
Closing costs & prepaids$15,979
Usable credit−$0
Total buyer cash needed$70,590
Earnest money paid−$0
Remaining funds due$70,590
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,390.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,276.94
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)$672.75
Initial HOA (3 months)$867.00
Prepaid interest, first (1 days)$46.91
Prepaid interest, second (1 days)$7.15
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$80,958Through Nov 2026
Assumption only · ends May 2052$253,337
Assumption + second · ends May 2052, second Dec 2056$308,340
New conventional · ends Dec 2056$734,510