Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,369/mo
Lowest payment- Down payment
- $55,994
- Funds due
- $68,552
- Interest + MI left
- $198,207
- First ends
- Apr 2052
Assumption
Assumption + second
$2,706/mo
+$336/mo- Down payment
- $22,994
- Funds due
- $36,812
- Interest + MI left
- $286,264
- First ends
- Apr 2052
New loan
New conventional
$3,469/mo
+$1,100/mo- Down payment
- $22,994
- Funds due
- $32,608
- Interest + MI left
- $649,804
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $394,006 | $394,006 | $427,006 |
| Second mortgage | — | $33,000 | — |
| First P&I | $1,941.68 | $1,941.68 | $2,956.50 |
| Second P&I | — | $336.27 | — |
| Mortgage insurance | — | — | $85.40 |
| Taxes, insurance & HOA | $427.58 | $427.58 | $427.58 |
| Total housing payment | $2,369.27 | $2,705.54 | $3,469.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,994
Closing costs & prepaids$13,819
Usable credit−$0
Total buyer cash needed$36,812
Earnest money paid−$0
Remaining funds due$36,812
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,970.03
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)$774.25
Initial HOA (3 months)$58.50
Prepaid interest, first (1 days)$37.24
Prepaid interest, second (1 days)$10.74
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$65,696Through Nov 2026
Assumption only · ends Apr 2052$198,207
Assumption + second · ends Apr 2052, second Dec 2056$286,264
New conventional · ends Dec 2056$649,804