Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,969/mo
Lowest payment- Down payment
- $62,930
- Funds due
- $77,873
- Interest + MI left
- $258,078
- First ends
- Apr 2052
Assumption
Assumption + second
$3,315/mo
+$346/mo- Down payment
- $28,930
- Funds due
- $45,223
- Interest + MI left
- $348,804
- First ends
- Apr 2052
New loan
New conventional
$4,189/mo
+$1,220/mo- Down payment
- $28,930
- Funds due
- $40,810
- Interest + MI left
- $779,274
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $497,070 | $497,070 | $531,070 |
| Second mortgage | — | $34,000 | — |
| First P&I | $2,484.04 | $2,484.04 | $3,597.65 |
| Second P&I | — | $346.46 | — |
| Mortgage insurance | — | — | $106.21 |
| Taxes, insurance & HOA | $484.67 | $484.67 | $484.67 |
| Total housing payment | $2,968.71 | $3,315.17 | $4,188.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,930
Closing costs & prepaids$16,293
Usable credit−$0
Total buyer cash needed$45,223
Earnest money paid−$0
Remaining funds due$45,223
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,485.35
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)$672.00
Initial HOA (3 months)$282.00
Prepaid interest, first (9 days)$436.33
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 3.56%
Interest already paid$87,097Through Dec 2026
Assumption only · ends Apr 2052$258,078
Assumption + second · ends Apr 2052, second Jan 2057$348,804
New conventional · ends Jan 2057$779,274