Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,220/mo
Lowest payment- Down payment
- $85,295
- Funds due
- $97,910
- Interest + MI left
- $186,856
- First ends
- May 2052
Assumption
Assumption + second
$2,542/mo
+$322/mo- Down payment
- $45,295
- Funds due
- $59,249
- Interest + MI left
- $262,721
- First ends
- May 2052
New loan
New conventional
$3,216/mo
+$996/mo- Down payment
- $45,295
- Funds due
- $55,259
- Interest + MI left
- $584,355
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $359,705 | $359,705 | $399,705 |
| Second mortgage | — | $40,000 | — |
| First P&I | $1,792.00 | $1,792.00 | $2,707.74 |
| Second P&I | — | $321.85 | — |
| Mortgage insurance | — | — | $79.94 |
| Taxes, insurance & HOA | $428.00 | $428.00 | $428.00 |
| Total housing payment | $2,220.00 | $2,541.85 | $3,215.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,295
Closing costs & prepaids$13,954
Usable credit−$0
Total buyer cash needed$59,249
Earnest money paid−$0
Remaining funds due$59,249
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,798.53
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)$534.00
Initial HOA (3 months)$300.00
Prepaid interest, first (9 days)$314.87
Prepaid interest, second (9 days)$88.77
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 5 moOf the original 30-year loan at 3.55%
Interest already paid$61,664Through Dec 2026
Assumption only · ends May 2052$186,856
Assumption + second · ends May 2052, second Jan 2057$262,721
New conventional · ends Jan 2057$584,355