Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,413/mo
Lowest payment- Down payment
- $63,164
- Funds due
- $76,371
- Interest + MI left
- $213,149
- First ends
- Apr 2052
Assumption
Assumption + second
$2,810/mo
+$397/mo- Down payment
- $24,164
- Funds due
- $38,736
- Interest + MI left
- $317,217
- First ends
- Apr 2052
New loan
New conventional
$3,501/mo
+$1,088/mo- Down payment
- $24,164
- Funds due
- $34,716
- Interest + MI left
- $661,631
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $411,836 | $411,836 | $450,836 |
| Second mortgage | — | $39,000 | — |
| First P&I | $2,055.87 | $2,055.87 | $3,054.12 |
| Second P&I | — | $397.41 | — |
| Mortgage insurance | — | — | $90.17 |
| Taxes, insurance & HOA | $356.67 | $356.67 | $356.67 |
| Total housing payment | $2,412.54 | $2,809.95 | $3,500.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,164
Closing costs & prepaids$14,572
Usable credit−$0
Total buyer cash needed$38,736
Earnest money paid−$0
Remaining funds due$38,736
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,059.18
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)$570.00
Prepaid interest, first (9 days)$360.50
Prepaid interest, second (9 days)$114.20
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$71,965Through Dec 2026
Assumption only · ends Apr 2052$213,149
Assumption + second · ends Apr 2052, second Jan 2057$317,217
New conventional · ends Jan 2057$661,631