Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,029/mo
Lowest payment- Down payment
- $146,963
- Funds due
- $159,775
- Interest + MI left
- $164,525
- First ends
- Apr 2052
Assumption
Assumption + second
$2,763/mo
+$734/mo- Down payment
- $46,963
- Funds due
- $61,222
- Interest + MI left
- $328,680
- First ends
- Apr 2052
New loan
New conventional
$3,357/mo
+$1,328/mo- Down payment
- $46,963
- Funds due
- $57,384
- Interest + MI left
- $611,020
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $317,887 | $317,887 | $417,887 |
| Second mortgage | — | $100,000 | — |
| First P&I | $1,586.88 | $1,586.88 | $2,830.91 |
| Second P&I | — | $733.76 | — |
| Mortgage insurance | — | — | $83.58 |
| Taxes, insurance & HOA | $442.58 | $442.58 | $442.58 |
| Total housing payment | $2,029.46 | $2,763.23 | $3,357.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,963
Closing costs & prepaids$14,259
Usable credit−$0
Total buyer cash needed$61,222
Earnest money paid−$0
Remaining funds due$61,222
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,648.50
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,589.43
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)$557.75
Initial HOA (3 months)$270.00
Prepaid interest, first (9 days)$278.26
Prepaid interest, second (9 days)$197.26
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 3.55%
Interest already paid$55,548Through Dec 2026
Assumption only · ends Apr 2052$164,525
Assumption + second · ends Apr 2052, second Jan 2057$328,680
New conventional · ends Jan 2057$611,020