Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,506/mo
Lowest payment- Down payment
- $175,676
- Funds due
- $194,109
- Interest + MI left
- $285,350
- First ends
- Apr 2052
Assumption
Assumption + second
$4,247/mo
+$741/mo- Down payment
- $74,676
- Funds due
- $94,559
- Interest + MI left
- $451,147
- First ends
- Apr 2052
New loan
New conventional
$5,370/mo
+$1,864/mo- Down payment
- $74,676
- Funds due
- $89,425
- Interest + MI left
- $980,125
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $569,324 | $569,324 | $670,324 |
| Second mortgage | — | $101,000 | — |
| First P&I | $2,811.43 | $2,811.43 | $4,541.01 |
| Second P&I | — | $741.10 | — |
| Mortgage insurance | — | — | $134.06 |
| Taxes, insurance & HOA | $694.67 | $694.67 | $694.67 |
| Total housing payment | $3,506.09 | $4,247.20 | $5,369.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$74,676
Closing costs & prepaids$19,882
Usable credit−$0
Total buyer cash needed$94,559
Earnest money paid−$0
Remaining funds due$94,559
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,846.62
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$894.00
Initial HOA (3 months)$540.00
Prepaid interest, first (9 days)$484.32
Prepaid interest, second (9 days)$199.23
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$96,764Through Dec 2026
Assumption only · ends Apr 2052$285,350
Assumption + second · ends Apr 2052, second Jan 2057$451,147
New conventional · ends Jan 2057$980,125