Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$992/mo
Lowest payment- Down payment
- $232,856
- Funds due
- $243,060
- Interest + MI left
- $63,726
- First ends
- Apr 2052
Assumption
Assumption + second
$2,430/mo
+$1,438/mo- Down payment
- $36,856
- Funds due
- $48,697
- Interest + MI left
- $385,470
- First ends
- Apr 2052
New loan
New conventional
$2,618/mo
+$1,626/mo- Down payment
- $36,856
- Funds due
- $45,727
- Interest + MI left
- $472,425
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $127,144 | $127,144 | $323,144 |
| Second mortgage | — | $196,000 | — |
| First P&I | $627.86 | $627.86 | $2,189.09 |
| Second P&I | — | $1,438.18 | — |
| Mortgage insurance | — | — | $64.63 |
| Taxes, insurance & HOA | $364.00 | $364.00 | $364.00 |
| Total housing payment | $991.86 | $2,430.04 | $2,617.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,856
Closing costs & prepaids$11,841
Usable credit−$0
Total buyer cash needed$48,697
Earnest money paid−$0
Remaining funds due$48,697
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$635.72
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)$432.00
Initial HOA (3 months)$210.00
Prepaid interest, first (9 days)$108.16
Prepaid interest, second (9 days)$386.63
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$21,610Through Dec 2026
Assumption only · ends Apr 2052$63,726
Assumption + second · ends Apr 2052, second Jan 2057$385,470
New conventional · ends Jan 2057$472,425