Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,818/mo
Lowest payment- Down payment
- $125,131
- Funds due
- $139,593
- Interest + MI left
- $284,207
- First ends
- Apr 2052
Assumption
Assumption + second
$3,365/mo
+$547/mo- Down payment
- $57,131
- Funds due
- $72,944
- Interest + MI left
- $413,178
- First ends
- Apr 2052
New loan
New conventional
$3,996/mo
+$1,178/mo- Down payment
- $57,131
- Funds due
- $68,298
- Interest + MI left
- $749,753
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $444,769 | $444,769 | $512,769 |
| Second mortgage | — | $68,000 | — |
| First P&I | $2,397.95 | $2,397.95 | $3,473.68 |
| Second P&I | — | $547.14 | — |
| Mortgage insurance | — | — | $102.55 |
| Taxes, insurance & HOA | $419.67 | $419.67 | $419.67 |
| Total housing payment | $2,817.61 | $3,364.76 | $3,995.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,131
Closing costs & prepaids$15,813
Usable credit−$0
Total buyer cash needed$72,944
Earnest money paid−$0
Remaining funds due$72,944
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,699.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,223.85
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)$684.00
Initial HOA (3 months)$75.00
Prepaid interest, first (6 days)$312.56
Prepaid interest, second (6 days)$100.60
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 4.275%
Interest already paid$93,054Through Dec 2026
Assumption only · ends Apr 2052$284,207
Assumption + second · ends Apr 2052, second Jan 2057$413,178
New conventional · ends Jan 2057$749,753