Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,928/mo
Lowest payment- Down payment
- $190,052
- Funds due
- $205,730
- Interest + MI left
- $228,657
- First ends
- May 2052
Assumption
Assumption + second
$3,875/mo
+$947/mo- Down payment
- $61,052
- Funds due
- $78,037
- Interest + MI left
- $440,418
- First ends
- May 2052
New loan
New conventional
$4,719/mo
+$1,791/mo- Down payment
- $61,052
- Funds due
- $73,365
- Interest + MI left
- $832,365
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $419,848 | $419,848 | $548,848 |
| Second mortgage | — | $129,000 | — |
| First P&I | $2,119.30 | $2,119.30 | $3,800.11 |
| Second P&I | — | $946.56 | — |
| Mortgage insurance | — | — | $109.77 |
| Taxes, insurance & HOA | $809.00 | $809.00 | $809.00 |
| Total housing payment | $2,928.30 | $3,874.85 | $4,718.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$61,052
Closing costs & prepaids$16,985
Usable credit−$0
Total buyer cash needed$78,037
Earnest money paid−$0
Remaining funds due$78,037
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,099.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,099.24
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)$1,612.00
Initial HOA (3 months)$315.00
Prepaid interest, first (2 days)$84.89
Prepaid interest, second (2 days)$56.55
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$73,290Through Nov 2026
Assumption only · ends May 2052$228,657
Assumption + second · ends May 2052, second Dec 2056$440,418
New conventional · ends Dec 2056$832,365