Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,150/mo
Lowest payment- Down payment
- $237,981
- Funds due
- $252,258
- Interest + MI left
- $145,148
- First ends
- Apr 2052
Assumption
Assumption + second
$3,478/mo
+$1,328/mo- Down payment
- $56,981
- Funds due
- $72,865
- Interest + MI left
- $442,269
- First ends
- Apr 2052
New loan
New conventional
$4,129/mo
+$1,979/mo- Down payment
- $56,981
- Funds due
- $68,920
- Interest + MI left
- $738,421
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $324,019 | $324,019 | $505,019 |
| Second mortgage | — | $181,000 | — |
| First P&I | $1,543.31 | $1,543.31 | $3,421.17 |
| Second P&I | — | $1,328.11 | — |
| Mortgage insurance | — | — | $101.00 |
| Taxes, insurance & HOA | $606.50 | $606.50 | $606.50 |
| Total housing payment | $2,149.81 | $3,477.93 | $4,128.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,981
Closing costs & prepaids$15,884
Usable credit−$0
Total buyer cash needed$72,865
Earnest money paid−$0
Remaining funds due$72,865
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,620.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,620.10
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)$674.50
Initial HOA (3 months)$645.00
Prepaid interest, first (9 days)$249.27
Prepaid interest, second (9 days)$357.04
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 3.12%
Interest already paid$49,945Through Dec 2026
Assumption only · ends Apr 2052$145,148
Assumption + second · ends Apr 2052, second Jan 2057$442,269
New conventional · ends Jan 2057$738,421