Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,432/mo
Lowest payment- Down payment
- $175,957
- Funds due
- $189,806
- Interest + MI left
- $238,133
- First ends
- May 2052
Assumption
Assumption + second
$3,297/mo
+$866/mo- Down payment
- $57,957
- Funds due
- $73,108
- Interest + MI left
- $431,837
- First ends
- May 2052
New loan
New conventional
$4,033/mo
+$1,601/mo- Down payment
- $57,957
- Funds due
- $68,560
- Interest + MI left
- $784,130
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $399,043 | $399,043 | $517,043 |
| Second mortgage | — | $118,000 | — |
| First P&I | $2,082.28 | $2,082.28 | $3,579.90 |
| Second P&I | — | $865.84 | — |
| Mortgage insurance | — | — | $103.41 |
| Taxes, insurance & HOA | $349.33 | $349.33 | $349.33 |
| Total housing payment | $2,431.61 | $3,297.45 | $4,032.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,957
Closing costs & prepaids$15,150
Usable credit−$0
Total buyer cash needed$73,108
Earnest money paid−$0
Remaining funds due$73,108
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,995.21
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)$495.50
Initial HOA (3 months)$52.50
Prepaid interest, first (2 days)$87.46
Prepaid interest, second (2 days)$51.73
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 closing25 yr 6 moOf the original 30-year loan at 4.000%
Interest already paid$75,330Through Nov 2026
Assumption only · ends May 2052$238,133
Assumption + second · ends May 2052, second Dec 2056$431,837
New conventional · ends Dec 2056$784,130