Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,492/mo
Lowest payment- Down payment
- $244,390
- Funds due
- $259,796
- Interest + MI left
- $187,190
- First ends
- May 2052
Assumption
Assumption + second
$3,798/mo
+$1,306/mo- Down payment
- $66,390
- Funds due
- $83,280
- Interest + MI left
- $479,387
- First ends
- May 2052
New loan
New conventional
$4,656/mo
+$2,164/mo- Down payment
- $66,390
- Funds due
- $78,749
- Interest + MI left
- $867,956
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $415,610 | $415,610 | $593,610 |
| Second mortgage | — | $178,000 | — |
| First P&I | $1,976.40 | $1,976.40 | $4,021.32 |
| Second P&I | — | $1,306.10 | — |
| Mortgage insurance | — | — | $118.72 |
| Taxes, insurance & HOA | $515.67 | $515.67 | $515.67 |
| Total housing payment | $2,492.06 | $3,798.16 | $4,655.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$66,390
Closing costs & prepaids$16,891
Usable credit−$0
Total buyer cash needed$83,280
Earnest money paid−$0
Remaining funds due$83,280
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,078.05
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)$792.00
Initial HOA (3 months)$255.00
Prepaid interest, first (6 days)$213.50
Prepaid interest, second (6 days)$234.08
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 3.125%
Interest already paid$62,942Through Dec 2026
Assumption only · ends May 2052$187,190
Assumption + second · ends May 2052, second Jan 2057$479,387
New conventional · ends Jan 2057$867,956