Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,357/mo
Lowest payment- Down payment
- $47,614
- Funds due
- $60,332
- Interest + MI left
- $185,494
- First ends
- Jun 2052
Assumption
Assumption + second
$2,622/mo
+$265/mo- Down payment
- $21,614
- Funds due
- $35,658
- Interest + MI left
- $254,873
- First ends
- Jun 2052
New loan
New conventional
$3,294/mo
+$937/mo- Down payment
- $21,614
- Funds due
- $31,869
- Interest + MI left
- $577,241
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $367,386 | $367,386 | $393,386 |
| Second mortgage | — | $26,000 | — |
| First P&I | $1,806.80 | $1,806.80 | $2,664.93 |
| Second P&I | — | $264.94 | — |
| Mortgage insurance | — | — | $78.68 |
| Taxes, insurance & HOA | $550.00 | $550.00 | $550.00 |
| Total housing payment | $2,356.80 | $2,621.74 | $3,293.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,614
Closing costs & prepaids$14,044
Usable credit−$0
Total buyer cash needed$35,658
Earnest money paid−$0
Remaining funds due$35,658
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,836.93
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)$498.00
Initial HOA (3 months)$702.00
Prepaid interest, first (9 days)$312.53
Prepaid interest, second (9 days)$76.13
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 6 moOf the original 30-year loan at 3.45%
Interest already paid$60,076Through Dec 2026
Assumption only · ends Jun 2052$185,494
Assumption + second · ends Jun 2052, second Jan 2057$254,873
New conventional · ends Jan 2057$577,241