Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,501/mo
Lowest payment- Down payment
- $254,278
- Funds due
- $269,710
- Interest + MI left
- $202,851
- First ends
- Apr 2052
Assumption
Assumption + second
$3,880/mo
+$1,379/mo- Down payment
- $66,278
- Funds due
- $83,331
- Interest + MI left
- $511,462
- First ends
- Apr 2052
New loan
New conventional
$4,636/mo
+$2,135/mo- Down payment
- $66,278
- Funds due
- $78,936
- Interest + MI left
- $866,658
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $404,722 | $404,722 | $592,722 |
| Second mortgage | — | $188,000 | — |
| First P&I | $1,998.59 | $1,998.59 | $4,015.31 |
| Second P&I | — | $1,379.48 | — |
| Mortgage insurance | — | — | $118.54 |
| Taxes, insurance & HOA | $502.25 | $502.25 | $502.25 |
| Total housing payment | $2,500.84 | $3,880.32 | $4,636.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$66,278
Closing costs & prepaids$17,054
Usable credit−$0
Total buyer cash needed$83,331
Earnest money paid−$0
Remaining funds due$83,331
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,590.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,023.61
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)$790.75
Initial HOA (3 months)$216.00
Prepaid interest, first (9 days)$344.29
Prepaid interest, second (9 days)$370.85
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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$68,788Through Dec 2026
Assumption only · ends Apr 2052$202,851
Assumption + second · ends Apr 2052, second Jan 2057$511,462
New conventional · ends Jan 2057$866,658