Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,598/mo
Lowest payment- Down payment
- $95,834
- Funds due
- $106,613
- Interest + MI left
- $124,884
- First ends
- Apr 2052
Assumption
Assumption + second
$2,089/mo
+$491/mo- Down payment
- $34,834
- Funds due
- $46,998
- Interest + MI left
- $240,579
- First ends
- Apr 2052
New loan
New conventional
$2,531/mo
+$933/mo- Down payment
- $34,834
- Funds due
- $43,563
- Interest + MI left
- $453,514
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $249,166 | $249,166 | $310,166 |
| Second mortgage | — | $61,000 | — |
| First P&I | $1,230.43 | $1,230.43 | $2,101.17 |
| Second P&I | — | $490.82 | — |
| Mortgage insurance | — | — | $62.03 |
| Taxes, insurance & HOA | $367.67 | $367.67 | $367.67 |
| Total housing payment | $1,598.10 | $2,088.92 | $2,530.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,834
Closing costs & prepaids$12,164
Usable credit−$0
Total buyer cash needed$46,998
Earnest money paid−$0
Remaining funds due$46,998
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%)$1,245.83
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)$239.01
Prepaid interest, first (9 days)$211.96
Prepaid interest, second (9 days)$135.37
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$42,349Through Dec 2026
Assumption only · ends Apr 2052$124,884
Assumption + second · ends Apr 2052, second Jan 2057$240,579
New conventional · ends Jan 2057$453,514