Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,795/mo
Lowest payment- Down payment
- $72,264
- Funds due
- $83,368
- Interest + MI left
- $151,734
- First ends
- Apr 2052
Assumption
Assumption + second
$2,069/mo
+$274/mo- Down payment
- $38,264
- Funds due
- $50,668
- Interest + MI left
- $216,220
- First ends
- Apr 2052
New loan
New conventional
$2,649/mo
+$854/mo- Down payment
- $38,264
- Funds due
- $46,904
- Interest + MI left
- $492,296
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $302,736 | $302,736 | $336,736 |
| Second mortgage | — | $34,000 | — |
| First P&I | $1,494.97 | $1,494.97 | $2,281.17 |
| Second P&I | — | $273.57 | — |
| Mortgage insurance | — | — | $67.35 |
| Taxes, insurance & HOA | $300.00 | $300.00 | $300.00 |
| Total housing payment | $1,794.97 | $2,068.54 | $2,648.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,264
Closing costs & prepaids$12,404
Usable credit−$0
Total buyer cash needed$50,668
Earnest money paid−$0
Remaining funds due$50,668
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,513.68
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$450.00
Prepaid interest, first (6 days)$171.69
Prepaid interest, second (6 days)$50.30
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$51,454Through Dec 2026
Assumption only · ends Apr 2052$151,734
Assumption + second · ends Apr 2052, second Jan 2057$216,220
New conventional · ends Jan 2057$492,296