Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,680/mo
Lowest payment- Down payment
- $61,970
- Funds due
- $72,327
- Interest + MI left
- $135,907
- First ends
- May 2052
Assumption
Assumption + second
$1,938/mo
+$257/mo- Down payment
- $29,970
- Funds due
- $41,593
- Interest + MI left
- $196,599
- First ends
- May 2052
New loan
New conventional
$2,363/mo
+$682/mo- Down payment
- $29,970
- Funds due
- $38,127
- Interest + MI left
- $401,883
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $233,030 | $233,030 | $265,030 |
| Second mortgage | — | $32,000 | — |
| First P&I | $1,205.68 | $1,205.68 | $1,835.01 |
| Second P&I | — | $257.48 | — |
| Mortgage insurance | — | — | $53.01 |
| Taxes, insurance & HOA | $474.67 | $474.67 | $474.67 |
| Total housing payment | $1,680.34 | $1,937.82 | $2,362.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,970
Closing costs & prepaids$11,623
Usable credit−$0
Total buyer cash needed$41,593
Earnest money paid−$0
Remaining funds due$41,593
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,165.15
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)$209.00
Initial HOA (3 months)$765.00
Prepaid interest, first (2 days)$50.05
Prepaid interest, second (2 days)$15.78
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 3.920%
Interest already paid$43,137Through Nov 2026
Assumption only · ends May 2052$135,907
Assumption + second · ends May 2052, second Dec 2056$196,599
New conventional · ends Dec 2056$401,883