Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,638/mo
Lowest payment- Down payment
- $55,695
- Funds due
- $69,798
- Interest + MI left
- $198,277
- First ends
- Apr 2052
Assumption
Assumption + second
$2,944/mo
+$306/mo- Down payment
- $25,695
- Funds due
- $41,136
- Interest + MI left
- $278,329
- First ends
- Apr 2052
New loan
New conventional
$3,832/mo
+$1,194/mo- Down payment
- $25,695
- Funds due
- $37,026
- Interest + MI left
- $695,832
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $444,205 | $444,205 | $474,205 |
| Second mortgage | — | $30,000 | — |
| First P&I | $2,113.43 | $2,113.43 | $3,212.43 |
| Second P&I | — | $305.70 | — |
| Mortgage insurance | — | — | $94.84 |
| Taxes, insurance & HOA | $524.67 | $524.67 | $524.67 |
| Total housing payment | $2,638.09 | $2,943.79 | $3,831.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,695
Closing costs & prepaids$15,441
Usable credit−$0
Total buyer cash needed$41,136
Earnest money paid−$0
Remaining funds due$41,136
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,221.02
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)$600.00
Initial HOA (3 months)$474.00
Prepaid interest, first (9 days)$340.64
Prepaid interest, second (9 days)$87.84
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 3.11%
Interest already paid$68,257Through Dec 2026
Assumption only · ends Apr 2052$198,277
Assumption + second · ends Apr 2052, second Jan 2057$278,329
New conventional · ends Jan 2057$695,832