Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,338/mo
Lowest payment- Down payment
- $194,479
- Funds due
- $211,555
- Interest + MI left
- $219,895
- First ends
- May 2052
Assumption
Assumption + second
$4,299/mo
+$961/mo- Down payment
- $63,479
- Funds due
- $81,833
- Interest + MI left
- $434,938
- First ends
- May 2052
New loan
New conventional
$5,232/mo
+$1,894/mo- Down payment
- $63,479
- Funds due
- $77,023
- Interest + MI left
- $859,166
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $435,520 | $435,520 | $566,520 |
| Second mortgage | — | $131,000 | — |
| First P&I | $2,141.88 | $2,141.88 | $3,922.47 |
| Second P&I | — | $961.23 | — |
| Mortgage insurance | — | — | $113.30 |
| Taxes, insurance & HOA | $1,196.25 | $1,196.25 | $1,196.25 |
| Total housing payment | $3,338.13 | $4,299.36 | $5,232.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,479
Closing costs & prepaids$18,354
Usable credit−$0
Total buyer cash needed$81,833
Earnest money paid−$0
Remaining funds due$81,833
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,299.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,177.60
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)$1,738.75
Initial HOA (3 months)$1,350.00
Prepaid interest, first (1 days)$41.17
Prepaid interest, second (1 days)$28.71
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 3.450%
Interest already paid$71,217Through Nov 2026
Assumption only · ends May 2052$219,895
Assumption + second · ends May 2052, second Dec 2056$434,938
New conventional · ends Dec 2056$859,166