Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,420/mo
Lowest payment- Down payment
- $63,927
- Funds due
- $73,685
- Interest + MI left
- $104,046
- First ends
- May 2052
Assumption
Assumption + second
$1,710/mo
+$290/mo- Down payment
- $27,927
- Funds due
- $38,953
- Interest + MI left
- $172,325
- First ends
- May 2052
New loan
New conventional
$2,131/mo
+$711/mo- Down payment
- $27,927
- Funds due
- $35,642
- Interest + MI left
- $367,022
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $206,072 | $206,072 | $242,072 |
| Second mortgage | — | $36,000 | — |
| First P&I | $1,013.46 | $1,013.46 | $1,676.06 |
| Second P&I | — | $289.66 | — |
| Mortgage insurance | — | — | $48.41 |
| Taxes, insurance & HOA | $406.92 | $406.92 | $406.92 |
| Total housing payment | $1,420.37 | $1,710.04 | $2,131.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,927
Closing costs & prepaids$11,026
Usable credit−$0
Total buyer cash needed$38,953
Earnest money paid−$0
Remaining funds due$38,953
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,699.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,030.36
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)$440.75
Initial HOA (3 months)$330.00
Prepaid interest, first (2 days)$38.96
Prepaid interest, second (2 days)$17.75
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 3.450%
Interest already paid$33,697Through Nov 2026
Assumption only · ends May 2052$104,046
Assumption + second · ends May 2052, second Dec 2056$172,325
New conventional · ends Dec 2056$367,022