Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,710/mo
Lowest payment- Down payment
- $85,917
- Funds due
- $99,934
- Interest + MI left
- $255,222
- First ends
- May 2052
Assumption
Assumption + second
$2,975/mo
+$266/mo- Down payment
- $52,917
- Funds due
- $68,233
- Interest + MI left
- $317,811
- First ends
- May 2052
New loan
New conventional
$3,741/mo
+$1,031/mo- Down payment
- $52,917
- Funds due
- $63,675
- Interest + MI left
- $696,112
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $443,083 | $443,083 | $476,083 |
| Second mortgage | — | $33,000 | — |
| First P&I | $2,289.52 | $2,289.52 | $3,225.15 |
| Second P&I | — | $265.53 | — |
| Mortgage insurance | — | — | $95.22 |
| Taxes, insurance & HOA | $420.25 | $420.25 | $420.25 |
| Total housing payment | $2,709.77 | $2,975.30 | $3,740.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,917
Closing costs & prepaids$15,316
Usable credit−$0
Total buyer cash needed$68,233
Earnest money paid−$0
Remaining funds due$68,233
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,290.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,215.42
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)$634.75
Initial HOA (3 months)$126.00
Prepaid interest, first (6 days)$283.33
Prepaid interest, second (6 days)$48.82
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 3.89%
Interest already paid$83,007Through Dec 2026
Assumption only · ends May 2052$255,222
Assumption + second · ends May 2052, second Jan 2057$317,811
New conventional · ends Jan 2057$696,112