Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,153/mo
Lowest payment- Down payment
- $148,280
- Funds due
- $161,177
- Interest + MI left
- $195,071
- First ends
- May 2052
Assumption
Assumption + second
$2,941/mo
+$789/mo- Down payment
- $50,280
- Funds due
- $64,476
- Interest + MI left
- $380,942
- First ends
- May 2052
New loan
New conventional
$3,570/mo
+$1,417/mo- Down payment
- $50,280
- Funds due
- $60,233
- Interest + MI left
- $682,015
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $351,710 | $351,710 | $449,710 |
| Second mortgage | — | $98,000 | — |
| First P&I | $1,786.87 | $1,786.87 | $3,113.70 |
| Second P&I | — | $788.53 | — |
| Mortgage insurance | — | — | $89.94 |
| Taxes, insurance & HOA | $366.08 | $366.08 | $366.08 |
| Total housing payment | $2,152.95 | $2,941.48 | $3,569.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,280
Closing costs & prepaids$14,195
Usable credit−$0
Total buyer cash needed$64,476
Earnest money paid−$0
Remaining funds due$64,476
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,999.90
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,758.55
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)$433.25
Initial HOA (3 months)$165.00
Prepaid interest, first (2 days)$72.27
Prepaid interest, second (2 days)$48.33
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 3.750%
Interest already paid$62,365Through Nov 2026
Assumption only · ends May 2052$195,071
Assumption + second · ends May 2052, second Dec 2056$380,942
New conventional · ends Dec 2056$682,015