Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,400/mo
Lowest payment- Down payment
- $253,445
- Funds due
- $268,273
- Interest + MI left
- $204,016
- First ends
- Apr 2052
Assumption
Assumption + second
$3,772/mo
+$1,372/mo- Down payment
- $66,445
- Funds due
- $82,564
- Interest + MI left
- $510,987
- First ends
- Apr 2052
New loan
New conventional
$4,622/mo
+$2,223/mo- Down payment
- $66,445
- Funds due
- $77,869
- Interest + MI left
- $898,650
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $405,555 | $405,555 | $592,555 |
| Second mortgage | — | $187,000 | — |
| First P&I | $1,998.59 | $1,998.59 | $4,102.73 |
| Second P&I | — | $1,372.14 | — |
| Mortgage insurance | — | — | $118.51 |
| Taxes, insurance & HOA | $401.17 | $401.17 | $401.17 |
| Total housing payment | $2,399.76 | $3,771.90 | $4,622.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$66,445
Closing costs & prepaids$16,119
Usable credit−$0
Total buyer cash needed$82,564
Earnest money paid−$0
Remaining funds due$82,564
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,590.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,027.77
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)$487.50
Initial HOA (3 months)$216.00
Prepaid interest, first (1 days)$38.33
Prepaid interest, second (1 days)$40.99
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 5 moOf the original 30-year loan at 3.450%
Interest already paid$67,622Through Nov 2026
Assumption only · ends Apr 2052$204,016
Assumption + second · ends Apr 2052, second Dec 2056$510,987
New conventional · ends Dec 2056$898,650