Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,321/mo
Lowest payment- Down payment
- $131,811
- Funds due
- $148,464
- Interest + MI left
- $297,401
- First ends
- May 2052
Assumption
Assumption + second
$3,828/mo
+$507/mo- Down payment
- $68,811
- Funds due
- $86,853
- Interest + MI left
- $416,889
- First ends
- May 2052
New loan
New conventional
$4,811/mo
+$1,490/mo- Down payment
- $68,811
- Funds due
- $81,825
- Interest + MI left
- $893,513
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $548,089 | $548,089 | $611,089 |
| Second mortgage | — | $63,000 | — |
| First P&I | $2,772.10 | $2,772.10 | $4,139.73 |
| Second P&I | — | $506.91 | — |
| Mortgage insurance | — | — | $122.22 |
| Taxes, insurance & HOA | $548.67 | $548.67 | $548.67 |
| Total housing payment | $3,320.76 | $3,827.68 | $4,810.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$68,811
Closing costs & prepaids$18,042
Usable credit−$0
Total buyer cash needed$86,853
Earnest money paid−$0
Remaining funds due$86,853
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,799.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,740.44
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)$816.00
Initial HOA (3 months)$330.00
Prepaid interest, first (9 days)$498.69
Prepaid interest, second (9 days)$139.81
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 3.69%
Interest already paid$97,554Through Dec 2026
Assumption only · ends May 2052$297,401
Assumption + second · ends May 2052, second Jan 2057$416,889
New conventional · ends Jan 2057$893,513