Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,189/mo
Lowest payment- Down payment
- $109,732
- Funds due
- $126,362
- Interest + MI left
- $232,667
- First ends
- Apr 2052
Assumption
Assumption + second
$3,527/mo
+$338/mo- Down payment
- $67,732
- Funds due
- $85,705
- Interest + MI left
- $312,326
- First ends
- Apr 2052
New loan
New conventional
$4,792/mo
+$1,603/mo- Down payment
- $67,732
- Funds due
- $80,744
- Interest + MI left
- $885,002
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $563,268 | $563,268 | $605,268 |
| Second mortgage | — | $42,000 | — |
| First P&I | $2,618.21 | $2,618.21 | $4,100.30 |
| Second P&I | — | $337.94 | — |
| Mortgage insurance | — | — | $121.05 |
| Taxes, insurance & HOA | $570.83 | $570.83 | $570.83 |
| Total housing payment | $3,189.04 | $3,526.98 | $4,792.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$67,732
Closing costs & prepaids$17,973
Usable credit−$0
Total buyer cash needed$85,705
Earnest money paid−$0
Remaining funds due$85,705
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,730.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,816.34
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)$807.50
Initial HOA (3 months)$405.00
Prepaid interest, first (9 days)$402.78
Prepaid interest, second (9 days)$93.21
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 2.9%
Interest already paid$80,858Through Dec 2026
Assumption only · ends Apr 2052$232,667
Assumption + second · ends Apr 2052, second Jan 2057$312,326
New conventional · ends Jan 2057$885,002