Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,643/mo
Lowest payment- Down payment
- $72,390
- Funds due
- $89,371
- Interest + MI left
- $306,710
- First ends
- Apr 2052
Assumption
Assumption + second
$4,040/mo
+$397/mo- Down payment
- $33,390
- Funds due
- $51,697
- Interest + MI left
- $410,778
- First ends
- Apr 2052
New loan
New conventional
$5,090/mo
+$1,447/mo- Down payment
- $33,390
- Funds due
- $46,681
- Interest + MI left
- $926,929
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $592,610 | $592,610 | $631,610 |
| Second mortgage | — | $39,000 | — |
| First P&I | $2,958.29 | $2,958.29 | $4,278.75 |
| Second P&I | — | $397.41 | — |
| Mortgage insurance | — | — | $126.32 |
| Taxes, insurance & HOA | $684.67 | $684.67 | $684.67 |
| Total housing payment | $3,642.96 | $4,040.37 | $5,089.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,390
Closing costs & prepaids$18,307
Usable credit−$0
Total buyer cash needed$51,697
Earnest money paid−$0
Remaining funds due$51,697
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,963.05
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)$798.00
Initial HOA (3 months)$756.00
Prepaid interest, first (6 days)$345.82
Prepaid interest, second (6 days)$76.13
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 3.55%
Interest already paid$103,554Through Dec 2026
Assumption only · ends Apr 2052$306,710
Assumption + second · ends Apr 2052, second Jan 2057$410,778
New conventional · ends Jan 2057$926,929