Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,031/mo
Lowest payment- Down payment
- $135,846
- Funds due
- $148,618
- Interest + MI left
- $169,987
- First ends
- Apr 2052
Assumption
Assumption + second
$2,740/mo
+$708/mo- Down payment
- $47,846
- Funds due
- $62,063
- Interest + MI left
- $336,892
- First ends
- Apr 2052
New loan
New conventional
$3,336/mo
+$1,304/mo- Down payment
- $47,846
- Funds due
- $58,119
- Interest + MI left
- $624,570
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $339,154 | $339,154 | $427,154 |
| Second mortgage | — | $88,000 | — |
| First P&I | $1,674.81 | $1,674.81 | $2,893.69 |
| Second P&I | — | $708.07 | — |
| Mortgage insurance | — | — | $85.43 |
| Taxes, insurance & HOA | $356.67 | $356.67 | $356.67 |
| Total housing payment | $2,031.47 | $2,739.54 | $3,335.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,846
Closing costs & prepaids$14,218
Usable credit−$0
Total buyer cash needed$62,063
Earnest money paid−$0
Remaining funds due$62,063
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%)$1,695.77
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)$288.51
Prepaid interest, second (9 days)$195.29
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$57,643Through Dec 2026
Assumption only · ends Apr 2052$169,987
Assumption + second · ends Apr 2052, second Jan 2057$336,892
New conventional · ends Jan 2057$624,570