Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,831/mo
Lowest payment- Down payment
- $144,389
- Funds due
- $156,389
- Interest + MI left
- $142,650
- First ends
- Apr 2052
Assumption
Assumption + second
$2,572/mo
+$741/mo- Down payment
- $43,389
- Funds due
- $56,838
- Interest + MI left
- $308,447
- First ends
- Apr 2052
New loan
New conventional
$3,115/mo
+$1,284/mo- Down payment
- $43,389
- Funds due
- $53,180
- Interest + MI left
- $563,827
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $284,611 | $284,611 | $385,611 |
| Second mortgage | — | $101,000 | — |
| First P&I | $1,405.46 | $1,405.46 | $2,612.26 |
| Second P&I | — | $741.10 | — |
| Mortgage insurance | — | — | $77.12 |
| Taxes, insurance & HOA | $425.58 | $425.58 | $425.58 |
| Total housing payment | $1,831.05 | $2,572.15 | $3,114.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,389
Closing costs & prepaids$13,449
Usable credit−$0
Total buyer cash needed$56,838
Earnest money paid−$0
Remaining funds due$56,838
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,290.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,423.06
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)$514.75
Initial HOA (3 months)$312.00
Prepaid interest, first (9 days)$242.11
Prepaid interest, second (9 days)$199.23
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$48,373Through Dec 2026
Assumption only · ends Apr 2052$142,650
Assumption + second · ends Apr 2052, second Jan 2057$308,447
New conventional · ends Jan 2057$563,827