Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,775/mo
Lowest payment- Down payment
- $126,985
- Funds due
- $138,263
- Interest + MI left
- $134,140
- First ends
- May 2052
Assumption
Assumption + second
$2,507/mo
+$732/mo- Down payment
- $35,985
- Funds due
- $48,535
- Interest + MI left
- $306,734
- First ends
- May 2052
New loan
New conventional
$2,879/mo
+$1,105/mo- Down payment
- $35,985
- Funds due
- $44,990
- Interest + MI left
- $489,874
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $232,015 | $232,015 | $323,015 |
| Second mortgage | — | $91,000 | — |
| First P&I | $1,196.58 | $1,196.58 | $2,236.49 |
| Second P&I | — | $732.21 | — |
| Mortgage insurance | — | — | $64.60 |
| Taxes, insurance & HOA | $578.17 | $578.17 | $578.17 |
| Total housing payment | $1,774.75 | $2,506.96 | $2,879.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,985
Closing costs & prepaids$12,550
Usable credit−$0
Total buyer cash needed$48,535
Earnest money paid−$0
Remaining funds due$48,535
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,590.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,160.07
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,104.50
Initial HOA (3 months)$180.00
Prepaid interest, first (1 days)$24.73
Prepaid interest, second (1 days)$22.44
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 3.890%
Interest already paid$42,630Through Nov 2026
Assumption only · ends May 2052$134,140
Assumption + second · ends May 2052, second Dec 2056$306,734
New conventional · ends Dec 2056$489,874