Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,877/mo
Lowest payment- Down payment
- $54,029
- Funds due
- $68,537
- Interest + MI left
- $245,578
- First ends
- Apr 2052
Assumption
Assumption + second
$3,142/mo
+$265/mo- Down payment
- $28,029
- Funds due
- $43,837
- Interest + MI left
- $314,956
- First ends
- Apr 2052
New loan
New conventional
$4,056/mo
+$1,179/mo- Down payment
- $28,029
- Funds due
- $39,344
- Interest + MI left
- $757,118
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $489,971 | $489,971 | $515,971 |
| Second mortgage | — | $26,000 | — |
| First P&I | $2,419.57 | $2,419.57 | $3,495.37 |
| Second P&I | — | $264.94 | — |
| Mortgage insurance | — | — | $103.19 |
| Taxes, insurance & HOA | $457.25 | $457.25 | $457.25 |
| Total housing payment | $2,876.82 | $3,141.76 | $4,055.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,029
Closing costs & prepaids$15,808
Usable credit−$0
Total buyer cash needed$43,837
Earnest money paid−$0
Remaining funds due$43,837
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,440.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,449.85
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)$652.75
Initial HOA (3 months)$219.00
Prepaid interest, first (6 days)$277.87
Prepaid interest, second (6 days)$50.75
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$83,277Through Dec 2026
Assumption only · ends Apr 2052$245,578
Assumption + second · ends Apr 2052, second Jan 2057$314,956
New conventional · ends Jan 2057$757,118