Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,212/mo
Lowest payment- Down payment
- $53,367
- Funds due
- $65,891
- Interest + MI left
- $179,035
- First ends
- Aug 2052
Assumption
Assumption + second
$2,528/mo
+$316/mo- Down payment
- $22,367
- Funds due
- $36,232
- Interest + MI left
- $261,755
- First ends
- Aug 2052
New loan
New conventional
$3,284/mo
+$1,072/mo- Down payment
- $22,367
- Funds due
- $32,382
- Interest + MI left
- $611,436
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $385,633 | $385,633 | $416,633 |
| Second mortgage | — | $31,000 | — |
| First P&I | $1,833.34 | $1,833.34 | $2,822.42 |
| Second P&I | — | $315.89 | — |
| Mortgage insurance | — | — | $83.33 |
| Taxes, insurance & HOA | $378.58 | $378.58 | $378.58 |
| Total housing payment | $2,211.92 | $2,527.81 | $3,284.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,367
Closing costs & prepaids$13,865
Usable credit−$0
Total buyer cash needed$36,232
Earnest money paid−$0
Remaining funds due$36,232
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,390.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,928.17
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)$526.75
Initial HOA (3 months)$159.00
Prepaid interest, first (9 days)$302.38
Prepaid interest, second (9 days)$90.77
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 8 moOf the original 30-year loan at 3.18%
Interest already paid$55,967Through Dec 2026
Assumption only · ends Aug 2052$179,035
Assumption + second · ends Aug 2052, second Jan 2057$261,755
New conventional · ends Jan 2057$611,436