Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,512/mo
Lowest payment- Down payment
- $70,266
- Funds due
- $83,913
- Interest + MI left
- $212,880
- First ends
- Apr 2052
Assumption
Assumption + second
$2,971/mo
+$459/mo- Down payment
- $25,266
- Funds due
- $40,295
- Interest + MI left
- $332,958
- First ends
- Apr 2052
New loan
New conventional
$3,691/mo
+$1,179/mo- Down payment
- $25,266
- Funds due
- $36,214
- Interest + MI left
- $689,271
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $424,734 | $424,734 | $469,734 |
| Second mortgage | — | $45,000 | — |
| First P&I | $2,097.41 | $2,097.41 | $3,182.14 |
| Second P&I | — | $458.55 | — |
| Mortgage insurance | — | — | $93.95 |
| Taxes, insurance & HOA | $414.67 | $414.67 | $414.67 |
| Total housing payment | $2,512.08 | $2,970.63 | $3,690.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,266
Closing costs & prepaids$15,029
Usable credit−$0
Total buyer cash needed$40,295
Earnest money paid−$0
Remaining funds due$40,295
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,123.67
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)$594.00
Initial HOA (3 months)$150.00
Prepaid interest, first (9 days)$361.31
Prepaid interest, second (9 days)$131.76
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$72,189Through Dec 2026
Assumption only · ends Apr 2052$212,880
Assumption + second · ends Apr 2052, second Jan 2057$332,958
New conventional · ends Jan 2057$689,271