Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,619/mo
Lowest payment- Down payment
- $81,211
- Funds due
- $95,302
- Interest + MI left
- $219,674
- First ends
- Apr 2052
Assumption
Assumption + second
$2,852/mo
+$233/mo- Down payment
- $52,211
- Funds due
- $67,616
- Interest + MI left
- $274,677
- First ends
- Apr 2052
New loan
New conventional
$3,714/mo
+$1,095/mo- Down payment
- $52,211
- Funds due
- $63,250
- Interest + MI left
- $683,254
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $438,289 | $438,289 | $467,289 |
| Second mortgage | — | $29,000 | — |
| First P&I | $2,164.35 | $2,164.35 | $3,165.58 |
| Second P&I | — | $233.34 | — |
| Mortgage insurance | — | — | $93.46 |
| Taxes, insurance & HOA | $454.50 | $454.50 | $454.50 |
| Total housing payment | $2,618.85 | $2,852.19 | $3,713.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,211
Closing costs & prepaids$15,405
Usable credit−$0
Total buyer cash needed$67,616
Earnest money paid−$0
Remaining funds due$67,616
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,195.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,191.44
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$623.50
Initial HOA (3 months)$240.00
Prepaid interest, first (9 days)$372.85
Prepaid interest, second (9 days)$64.36
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$74,493Through Dec 2026
Assumption only · ends Apr 2052$219,674
Assumption + second · ends Apr 2052, second Jan 2057$274,677
New conventional · ends Jan 2057$683,254