Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,978/mo
Lowest payment- Down payment
- $53,695
- Funds due
- $64,560
- Interest + MI left
- $177,027
- First ends
- May 2052
Assumption
Assumption + second
$2,365/mo
+$387/mo- Down payment
- $15,695
- Funds due
- $27,847
- Interest + MI left
- $278,426
- First ends
- May 2052
New loan
New conventional
$2,559/mo
+$581/mo- Down payment
- $15,695
- Funds due
- $24,449
- Interest + MI left
- $412,283
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $246,305 | $246,305 | $284,305 |
| Second mortgage | — | $38,000 | — |
| First P&I | $1,387.97 | $1,387.97 | $1,912.54 |
| Second P&I | — | $387.22 | — |
| Mortgage insurance | — | — | $56.86 |
| Taxes, insurance & HOA | $590.00 | $590.00 | $590.00 |
| Total housing payment | $1,977.97 | $2,365.19 | $2,559.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,695
Closing costs & prepaids$12,152
Usable credit−$0
Total buyer cash needed$27,847
Earnest money paid−$0
Remaining funds due$27,847
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,231.53
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)$765.00
Initial HOA (3 months)$555.00
Prepaid interest, first (3 days)$95.55
Prepaid interest, second (3 days)$37.09
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 3 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 4.72%
Interest already paid$55,644Through Dec 2026
Assumption only · ends May 2052$177,027
Assumption + second · ends May 2052, second Jan 2057$278,426
New conventional · ends Jan 2057$412,283