Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,811/mo
Lowest payment- Down payment
- $57,314
- Funds due
- $68,121
- Interest + MI left
- $131,685
- First ends
- May 2052
Assumption
Assumption + second
$2,029/mo
+$217/mo- Down payment
- $30,314
- Funds due
- $42,391
- Interest + MI left
- $182,894
- First ends
- May 2052
New loan
New conventional
$2,452/mo
+$641/mo- Down payment
- $30,314
- Funds due
- $38,895
- Interest + MI left
- $389,681
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $242,686 | $242,686 | $269,686 |
| Second mortgage | — | $27,000 | — |
| First P&I | $1,227.45 | $1,227.45 | $1,814.19 |
| Second P&I | — | $217.25 | — |
| Mortgage insurance | — | — | $53.94 |
| Taxes, insurance & HOA | $584.00 | $584.00 | $584.00 |
| Total housing payment | $1,811.45 | $2,028.69 | $2,452.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,314
Closing costs & prepaids$12,077
Usable credit−$0
Total buyer cash needed$42,391
Earnest money paid−$0
Remaining funds due$42,391
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%)$1,213.43
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)$537.00
Prepaid interest, first (3 days)$73.60
Prepaid interest, second (3 days)$19.97
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 3.69%
Interest already paid$43,196Through Dec 2026
Assumption only · ends May 2052$131,685
Assumption + second · ends May 2052, second Jan 2057$182,894
New conventional · ends Jan 2057$389,681