Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,873/mo
Lowest payment- Down payment
- $53,082
- Funds due
- $64,481
- Interest + MI left
- $142,067
- First ends
- Apr 2052
Assumption
Assumption + second
$2,220/mo
+$346/mo- Down payment
- $19,082
- Funds due
- $31,831
- Interest + MI left
- $232,793
- First ends
- Apr 2052
New loan
New conventional
$2,820/mo
+$947/mo- Down payment
- $19,082
- Funds due
- $28,282
- Interest + MI left
- $518,593
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $319,418 | $319,418 | $353,418 |
| Second mortgage | — | $34,000 | — |
| First P&I | $1,518.04 | $1,518.04 | $2,394.18 |
| Second P&I | — | $346.46 | — |
| Mortgage insurance | — | — | $70.68 |
| Taxes, insurance & HOA | $355.00 | $355.00 | $355.00 |
| Total housing payment | $1,873.04 | $2,219.50 | $2,819.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,082
Closing costs & prepaids$12,749
Usable credit−$0
Total buyer cash needed$31,831
Earnest money paid−$0
Remaining funds due$31,831
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,725.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,597.09
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)$447.00
Initial HOA (3 months)$168.00
Prepaid interest, first (9 days)$244.16
Prepaid interest, second (9 days)$99.55
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 3.1%
Interest already paid$48,928Through Dec 2026
Assumption only · ends Apr 2052$142,067
Assumption + second · ends Apr 2052, second Jan 2057$232,793
New conventional · ends Jan 2057$518,593