Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,379/mo
Lowest payment- Down payment
- $59,349
- Funds due
- $69,068
- Interest + MI left
- $103,454
- First ends
- May 2052
Assumption
Assumption + second
$1,637/mo
+$257/mo- Down payment
- $27,349
- Funds due
- $38,389
- Interest + MI left
- $164,146
- First ends
- May 2052
New loan
New conventional
$2,023/mo
+$644/mo- Down payment
- $27,349
- Funds due
- $35,219
- Interest + MI left
- $347,390
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $205,651 | $205,651 | $237,651 |
| Second mortgage | — | $32,000 | — |
| First P&I | $1,013.46 | $1,013.46 | $1,609.93 |
| Second P&I | — | $257.48 | — |
| Mortgage insurance | — | — | $47.53 |
| Taxes, insurance & HOA | $366.00 | $366.00 | $366.00 |
| Total housing payment | $1,379.46 | $1,636.94 | $2,023.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,349
Closing costs & prepaids$11,040
Usable credit−$0
Total buyer cash needed$38,389
Earnest money paid−$0
Remaining funds due$38,389
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,028.25
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)$318.00
Initial HOA (3 months)$330.00
Prepaid interest, first (9 days)$174.94
Prepaid interest, second (9 days)$71.01
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 3.45%
Interest already paid$34,290Through Dec 2026
Assumption only · ends May 2052$103,454
Assumption + second · ends May 2052, second Jan 2057$164,146
New conventional · ends Jan 2057$347,390