Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,291/mo
Lowest payment- Down payment
- $56,803
- Funds due
- $69,419
- Interest + MI left
- $197,074
- First ends
- Apr 2052
Assumption
Assumption + second
$2,638/mo
+$346/mo- Down payment
- $22,803
- Funds due
- $36,769
- Interest + MI left
- $287,800
- First ends
- Apr 2052
New loan
New conventional
$3,329/mo
+$1,038/mo- Down payment
- $22,803
- Funds due
- $32,855
- Interest + MI left
- $626,940
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $393,197 | $393,197 | $427,197 |
| Second mortgage | — | $34,000 | — |
| First P&I | $1,941.68 | $1,941.68 | $2,893.98 |
| Second P&I | — | $346.46 | — |
| Mortgage insurance | — | — | $85.44 |
| Taxes, insurance & HOA | $349.50 | $349.50 | $349.50 |
| Total housing payment | $2,291.18 | $2,637.64 | $3,328.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,803
Closing costs & prepaids$13,967
Usable credit−$0
Total buyer cash needed$36,769
Earnest money paid−$0
Remaining funds due$36,769
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,965.99
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)$540.00
Initial HOA (3 months)$58.50
Prepaid interest, first (9 days)$334.49
Prepaid interest, second (9 days)$99.55
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 4 moOf the original 30-year loan at 3.45%
Interest already paid$66,829Through Dec 2026
Assumption only · ends Apr 2052$197,074
Assumption + second · ends Apr 2052, second Jan 2057$287,800
New conventional · ends Jan 2057$626,940