Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,053/mo
Lowest payment- Down payment
- $85,706
- Funds due
- $97,777
- Interest + MI left
- $165,253
- First ends
- Apr 2052
Assumption
Assumption + second
$2,415/mo
+$362/mo- Down payment
- $40,706
- Funds due
- $54,127
- Interest + MI left
- $250,602
- First ends
- Apr 2052
New loan
New conventional
$2,999/mo
+$947/mo- Down payment
- $40,706
- Funds due
- $50,345
- Interest + MI left
- $532,658
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $319,294 | $319,294 | $364,294 |
| Second mortgage | — | $45,000 | — |
| First P&I | $1,593.90 | $1,593.90 | $2,467.85 |
| Second P&I | — | $362.08 | — |
| Mortgage insurance | — | — | $72.86 |
| Taxes, insurance & HOA | $458.75 | $458.75 | $458.75 |
| Total housing payment | $2,052.65 | $2,414.73 | $2,999.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,706
Closing costs & prepaids$13,420
Usable credit−$0
Total buyer cash needed$54,127
Earnest money paid−$0
Remaining funds due$54,127
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,050.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,596.47
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)$486.00
Initial HOA (3 months)$440.25
Prepaid interest, first (9 days)$279.49
Prepaid interest, second (9 days)$99.86
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 3.55%
Interest already paid$55,794Through Dec 2026
Assumption only · ends Apr 2052$165,253
Assumption + second · ends Apr 2052, second Jan 2057$250,602
New conventional · ends Jan 2057$532,658