Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,215/mo
Lowest payment- Down payment
- $63,267
- Funds due
- $78,546
- Interest + MI left
- $302,663
- First ends
- May 2052
Assumption
Assumption + second
$3,541/mo
+$326/mo- Down payment
- $31,267
- Funds due
- $47,817
- Interest + MI left
- $388,052
- First ends
- May 2052
New loan
New conventional
$4,597/mo
+$1,382/mo- Down payment
- $31,267
- Funds due
- $42,787
- Interest + MI left
- $894,510
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $555,733 | $555,733 | $587,733 |
| Second mortgage | — | $32,000 | — |
| First P&I | $2,805.21 | $2,805.21 | $4,069.34 |
| Second P&I | — | $326.08 | — |
| Mortgage insurance | — | — | $117.55 |
| Taxes, insurance & HOA | $409.91 | $409.91 | $409.91 |
| Total housing payment | $3,215.13 | $3,541.21 | $4,596.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,267
Closing costs & prepaids$16,550
Usable credit−$0
Total buyer cash needed$47,817
Earnest money paid−$0
Remaining funds due$47,817
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,190.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,778.66
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)$539.75
Initial HOA (3 months)$189.99
Prepaid interest, first (2 days)$112.36
Prepaid interest, second (2 days)$20.82
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 3.690%
Interest already paid$97,011Through Nov 2026
Assumption only · ends May 2052$302,663
Assumption + second · ends May 2052, second Dec 2056$388,052
New conventional · ends Dec 2056$894,510