Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,922/mo
Lowest payment- Down payment
- $79,449
- Funds due
- $90,763
- Interest + MI left
- $166,409
- First ends
- May 2052
Assumption
Assumption + second
$2,243/mo
+$322/mo- Down payment
- $39,449
- Funds due
- $52,023
- Interest + MI left
- $242,275
- First ends
- May 2052
New loan
New conventional
$2,841/mo
+$919/mo- Down payment
- $39,449
- Funds due
- $48,087
- Interest + MI left
- $523,982
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $305,551 | $305,551 | $345,551 |
| Second mortgage | — | $40,000 | — |
| First P&I | $1,542.35 | $1,542.35 | $2,392.53 |
| Second P&I | — | $321.85 | — |
| Mortgage insurance | — | — | $69.11 |
| Taxes, insurance & HOA | $379.25 | $379.25 | $379.25 |
| Total housing payment | $1,921.60 | $2,243.45 | $2,840.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,449
Closing costs & prepaids$12,574
Usable credit−$0
Total buyer cash needed$52,023
Earnest money paid−$0
Remaining funds due$52,023
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,527.75
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)$446.75
Initial HOA (3 months)$240.99
Prepaid interest, first (1 days)$30.89
Prepaid interest, second (1 days)$9.86
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 3.690%
Interest already paid$53,338Through Nov 2026
Assumption only · ends May 2052$166,409
Assumption + second · ends May 2052, second Dec 2056$242,275
New conventional · ends Dec 2056$523,982