Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,535/mo
Lowest payment- Down payment
- $65,438
- Funds due
- $80,650
- Interest + MI left
- $334,796
- First ends
- May 2062
Assumption
Assumption + second
$2,892/mo
+$357/mo- Down payment
- $30,438
- Funds due
- $46,922
- Interest + MI left
- $428,190
- First ends
- May 2062
New loan
New conventional
$4,551/mo
+$2,016/mo- Down payment
- $30,438
- Funds due
- $42,023
- Interest + MI left
- $866,589
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $534,462 | $534,462 | $569,462 |
| Second mortgage | — | $35,000 | — |
| First P&I | $2,040.51 | $2,040.51 | $3,942.84 |
| Second P&I | — | $356.65 | — |
| Mortgage insurance | — | — | $113.89 |
| Taxes, insurance & HOA | $494.75 | $494.75 | $494.75 |
| Total housing payment | $2,535.26 | $2,891.91 | $4,551.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,438
Closing costs & prepaids$16,484
Usable credit−$0
Total buyer cash needed$46,922
Earnest money paid−$0
Remaining funds due$46,922
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,672.31
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)$609.25
Initial HOA (3 months)$375.00
Prepaid interest, first (2 days)$87.86
Prepaid interest, second (2 days)$22.77
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing35 yr 6 moOf the original 40-year loan at 3.000%
Interest already paid$74,649Through Nov 2026
Assumption only · ends May 2062$334,796
Assumption + second · ends May 2062, second Dec 2056$428,190
New conventional · ends Dec 2056$866,589