Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,749/mo
Lowest payment- Down payment
- $73,752
- Funds due
- $87,147
- Interest + MI left
- $365,394
- First ends
- May 2054
Assumption
Assumption + second
$2,950/mo
+$201/mo- Down payment
- $48,752
- Funds due
- $63,434
- Interest + MI left
- $412,810
- First ends
- May 2054
New loan
New conventional
$3,431/mo
+$682/mo- Down payment
- $48,752
- Funds due
- $58,970
- Interest + MI left
- $637,867
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $411,248 | $411,248 | $436,248 |
| Second mortgage | — | $25,000 | — |
| First P&I | $2,360.62 | $2,360.62 | $2,955.30 |
| Second P&I | — | $201.16 | — |
| Mortgage insurance | — | — | $87.25 |
| Taxes, insurance & HOA | $388.67 | $388.67 | $388.67 |
| Total housing payment | $2,749.28 | $2,950.44 | $3,431.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,752
Closing costs & prepaids$14,682
Usable credit−$0
Total buyer cash needed$63,434
Earnest money paid−$0
Remaining funds due$63,434
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,056.24
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)$582.00
Initial HOA (3 months)$84.00
Prepaid interest, first (6 days)$354.91
Prepaid interest, second (6 days)$36.99
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 closing27 yr 5 moOf the original 30-year loan at 5.25%
Interest already paid$56,937Through Dec 2026
Assumption only · ends May 2054$365,394
Assumption + second · ends May 2054, second Jan 2057$412,810
New conventional · ends Jan 2057$637,867