Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,031/mo
Lowest payment- Down payment
- $68,020
- Funds due
- $79,847
- Interest + MI left
- $138,825
- First ends
- Apr 2052
Assumption
Assumption + second
$2,296/mo
+$266/mo- Down payment
- $35,020
- Funds due
- $48,170
- Interest + MI left
- $201,414
- First ends
- Apr 2052
New loan
New conventional
$2,825/mo
+$794/mo- Down payment
- $35,020
- Funds due
- $44,633
- Interest + MI left
- $453,180
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $276,980 | $276,980 | $309,980 |
| Second mortgage | — | $33,000 | — |
| First P&I | $1,367.78 | $1,367.78 | $2,099.91 |
| Second P&I | — | $265.53 | — |
| Mortgage insurance | — | — | $62.00 |
| Taxes, insurance & HOA | $663.00 | $663.00 | $663.00 |
| Total housing payment | $2,030.78 | $2,296.31 | $2,824.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,020
Closing costs & prepaids$13,151
Usable credit−$0
Total buyer cash needed$48,170
Earnest money paid−$0
Remaining funds due$48,170
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,384.90
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)$414.00
Initial HOA (3 months)$1,125.00
Prepaid interest, first (9 days)$235.62
Prepaid interest, second (9 days)$73.23
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 3.45%
Interest already paid$47,076Through Dec 2026
Assumption only · ends Apr 2052$138,825
Assumption + second · ends Apr 2052, second Jan 2057$201,414
New conventional · ends Jan 2057$453,180