Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,348/mo
Lowest payment- Down payment
- $50,303
- Funds due
- $62,896
- Interest + MI left
- $213,378
- First ends
- Apr 2052
Assumption
Assumption + second
$2,633/mo
+$285/mo- Down payment
- $22,303
- Funds due
- $36,228
- Interest + MI left
- $288,093
- First ends
- Apr 2052
New loan
New conventional
$3,296/mo
+$948/mo- Down payment
- $22,303
- Funds due
- $32,296
- Interest + MI left
- $620,335
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $394,697 | $394,697 | $422,697 |
| Second mortgage | — | $28,000 | — |
| First P&I | $2,000.24 | $2,000.24 | $2,863.50 |
| Second P&I | — | $285.32 | — |
| Mortgage insurance | — | — | $84.54 |
| Taxes, insurance & HOA | $347.50 | $347.50 | $347.50 |
| Total housing payment | $2,347.74 | $2,633.07 | $3,295.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,303
Closing costs & prepaids$13,925
Usable credit−$0
Total buyer cash needed$36,228
Earnest money paid−$0
Remaining funds due$36,228
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,973.48
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)$534.00
Initial HOA (3 months)$58.50
Prepaid interest, first (9 days)$359.12
Prepaid interest, second (9 days)$81.99
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 3.69%
Interest already paid$71,607Through Dec 2026
Assumption only · ends Apr 2052$213,378
Assumption + second · ends Apr 2052, second Jan 2057$288,093
New conventional · ends Jan 2057$620,335