Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,343/mo
Lowest payment- Down payment
- $175,207
- Funds due
- $189,185
- Interest + MI left
- $199,758
- First ends
- Apr 2052
Assumption
Assumption + second
$3,217/mo
+$873/mo- Down payment
- $56,207
- Funds due
- $71,591
- Interest + MI left
- $395,103
- First ends
- Apr 2052
New loan
New conventional
$3,934/mo
+$1,591/mo- Down payment
- $56,207
- Funds due
- $67,276
- Interest + MI left
- $736,556
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $384,743 | $384,743 | $503,743 |
| Second mortgage | — | $119,000 | — |
| First P&I | $1,922.70 | $1,922.70 | $3,412.53 |
| Second P&I | — | $873.18 | — |
| Mortgage insurance | — | — | $100.75 |
| Taxes, insurance & HOA | $420.67 | $420.67 | $420.67 |
| Total housing payment | $2,343.37 | $3,216.55 | $3,933.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,207
Closing costs & prepaids$15,385
Usable credit−$0
Total buyer cash needed$71,591
Earnest money paid−$0
Remaining funds due$71,591
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,599.50
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,923.72
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)$672.00
Initial HOA (3 months)$90.00
Prepaid interest, first (6 days)$225.15
Prepaid interest, second (6 days)$156.49
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 3.56%
Interest already paid$67,415Through Dec 2026
Assumption only · ends Apr 2052$199,758
Assumption + second · ends Apr 2052, second Jan 2057$395,103
New conventional · ends Jan 2057$736,556