Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,152/mo
Lowest payment- Down payment
- $87,787
- Funds due
- $103,498
- Interest + MI left
- $271,762
- First ends
- Apr 2052
Assumption
Assumption + second
$3,723/mo
+$571/mo- Down payment
- $31,787
- Funds due
- $48,857
- Interest + MI left
- $421,193
- First ends
- Apr 2052
New loan
New conventional
$4,647/mo
+$1,495/mo- Down payment
- $31,787
- Funds due
- $44,074
- Interest + MI left
- $877,917
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $542,213 | $542,213 | $598,213 |
| Second mortgage | — | $56,000 | — |
| First P&I | $2,677.55 | $2,677.55 | $4,052.50 |
| Second P&I | — | $570.64 | — |
| Mortgage insurance | — | — | $119.64 |
| Taxes, insurance & HOA | $474.67 | $474.67 | $474.67 |
| Total housing payment | $3,152.22 | $3,722.86 | $4,646.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,787
Closing costs & prepaids$17,070
Usable credit−$0
Total buyer cash needed$48,857
Earnest money paid−$0
Remaining funds due$48,857
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,711.06
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)$756.00
Initial HOA (3 months)$168.00
Prepaid interest, first (6 days)$307.50
Prepaid interest, second (6 days)$109.32
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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$92,156Through Dec 2026
Assumption only · ends Apr 2052$271,762
Assumption + second · ends Apr 2052, second Jan 2057$421,193
New conventional · ends Jan 2057$877,917