Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,655/mo
Lowest payment- Down payment
- $240,196
- Funds due
- $255,669
- Interest + MI left
- $232,681
- First ends
- May 2052
Assumption
Assumption + second
$3,932/mo
+$1,277/mo- Down payment
- $66,196
- Funds due
- $83,148
- Interest + MI left
- $518,311
- First ends
- May 2052
New loan
New conventional
$4,657/mo
+$2,002/mo- Down payment
- $66,196
- Funds due
- $78,557
- Interest + MI left
- $868,240
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $419,804 | $419,804 | $593,804 |
| Second mortgage | — | $174,000 | — |
| First P&I | $2,139.30 | $2,139.30 | $4,022.64 |
| Second P&I | — | $1,276.75 | — |
| Mortgage insurance | — | — | $118.76 |
| Taxes, insurance & HOA | $515.67 | $515.67 | $515.67 |
| Total housing payment | $2,654.96 | $3,931.71 | $4,657.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$66,196
Closing costs & prepaids$16,952
Usable credit−$0
Total buyer cash needed$83,148
Earnest money paid−$0
Remaining funds due$83,148
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%)$2,099.02
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)$259.47
Prepaid interest, second (6 days)$228.82
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 3.76%
Interest already paid$76,096Through Dec 2026
Assumption only · ends May 2052$232,681
Assumption + second · ends May 2052, second Jan 2057$518,311
New conventional · ends Jan 2057$868,240