Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,468/mo
Lowest payment- Down payment
- $416,066
- Funds due
- $429,769
- Interest + MI left
- $95,548
- First ends
- May 2052
Assumption
Assumption + second
$4,018/mo
+$2,550/mo- Down payment
- $60,066
- Funds due
- $75,699
- Interest + MI left
- $657,702
- First ends
- May 2052
New loan
New conventional
$4,317/mo
+$2,849/mo- Down payment
- $60,066
- Funds due
- $72,250
- Interest + MI left
- $789,473
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $183,934 | $183,934 | $539,934 |
| Second mortgage | — | $356,000 | — |
| First P&I | $916.33 | $916.33 | $3,657.70 |
| Second P&I | — | $2,550.43 | — |
| Mortgage insurance | — | — | $107.99 |
| Taxes, insurance & HOA | $551.34 | $551.34 | $551.34 |
| Total housing payment | $1,467.67 | $4,018.10 | $4,317.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,066
Closing costs & prepaids$15,633
Usable credit−$0
Total buyer cash needed$75,699
Earnest money paid−$0
Remaining funds due$75,699
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$919.67
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)$720.00
Initial HOA (3 months)$434.01
Prepaid interest, first (9 days)$161.00
Prepaid interest, second (9 days)$680.30
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 3.55%
Interest already paid$31,532Through Dec 2026
Assumption only · ends May 2052$95,548
Assumption + second · ends May 2052, second Jan 2057$657,702
New conventional · ends Jan 2057$789,473