Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,322/mo
Lowest payment- Down payment
- $82,335
- Funds due
- $95,153
- Interest + MI left
- $194,917
- First ends
- May 2052
Assumption
Assumption + second
$2,611/mo
+$290/mo- Down payment
- $46,335
- Funds due
- $60,412
- Interest + MI left
- $263,196
- First ends
- May 2052
New loan
New conventional
$3,378/mo
+$1,056/mo- Down payment
- $46,335
- Funds due
- $56,080
- Interest + MI left
- $619,686
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $372,665 | $372,665 | $408,665 |
| Second mortgage | — | $36,000 | — |
| First P&I | $1,854.84 | $1,854.84 | $2,829.51 |
| Second P&I | — | $289.66 | — |
| Mortgage insurance | — | — | $81.73 |
| Taxes, insurance & HOA | $466.83 | $466.83 | $466.83 |
| Total housing payment | $2,321.68 | $2,611.34 | $3,378.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,335
Closing costs & prepaids$14,077
Usable credit−$0
Total buyer cash needed$60,412
Earnest money paid−$0
Remaining funds due$60,412
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,550.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,863.33
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)$842.00
Initial HOA (3 months)$58.50
Prepaid interest, first (1 days)$36.35
Prepaid interest, second (1 days)$8.88
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 3.560%
Interest already paid$62,827Through Nov 2026
Assumption only · ends May 2052$194,917
Assumption + second · ends May 2052, second Dec 2056$263,196
New conventional · ends Dec 2056$619,686