Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,950/mo
Lowest payment- Down payment
- $57,757
- Funds due
- $72,475
- Interest + MI left
- $214,138
- First ends
- Apr 2052
Assumption
Assumption + second
$3,287/mo
+$336/mo- Down payment
- $24,757
- Funds due
- $40,790
- Interest + MI left
- $302,195
- First ends
- Apr 2052
New loan
New conventional
$4,051/mo
+$1,100/mo- Down payment
- $24,757
- Funds due
- $36,600
- Interest + MI left
- $675,345
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $427,243 | $427,243 | $460,243 |
| Second mortgage | — | $33,000 | — |
| First P&I | $2,109.81 | $2,109.81 | $3,117.85 |
| Second P&I | — | $336.27 | — |
| Mortgage insurance | — | — | $92.05 |
| Taxes, insurance & HOA | $840.67 | $840.67 | $840.67 |
| Total housing payment | $2,950.47 | $3,286.74 | $4,050.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,757
Closing costs & prepaids$16,033
Usable credit−$0
Total buyer cash needed$40,790
Earnest money paid−$0
Remaining funds due$40,790
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,136.22
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)$582.00
Initial HOA (3 months)$1,440.00
Prepaid interest, first (6 days)$242.30
Prepaid interest, second (6 days)$64.42
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$72,615Through Dec 2026
Assumption only · ends Apr 2052$214,138
Assumption + second · ends Apr 2052, second Jan 2057$302,195
New conventional · ends Jan 2057$675,345