Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,738/mo
Lowest payment- Down payment
- $118,181
- Funds due
- $136,222
- Interest + MI left
- $240,788
- First ends
- Apr 2052
Assumption
Assumption + second
$4,124/mo
+$386/mo- Down payment
- $70,181
- Funds due
- $89,483
- Interest + MI left
- $331,827
- First ends
- Apr 2052
New loan
New conventional
$5,524/mo
+$1,786/mo- Down payment
- $70,181
- Funds due
- $83,904
- Interest + MI left
- $953,646
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $580,819 | $580,819 | $628,819 |
| Second mortgage | — | $48,000 | — |
| First P&I | $2,693.79 | $2,693.79 | $4,353.82 |
| Second P&I | — | $386.22 | — |
| Mortgage insurance | — | — | $125.76 |
| Taxes, insurance & HOA | $1,044.25 | $1,044.25 | $1,044.25 |
| Total housing payment | $3,738.04 | $4,124.26 | $5,523.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$70,181
Closing costs & prepaids$19,303
Usable credit−$0
Total buyer cash needed$89,483
Earnest money paid−$0
Remaining funds due$89,483
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,904.10
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)$1,090.75
Initial HOA (3 months)$1,542.00
Prepaid interest, first (1 days)$46.15
Prepaid interest, second (1 days)$11.84
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 2.900%
Interest already paid$81,789Through Nov 2026
Assumption only · ends Apr 2052$240,788
Assumption + second · ends Apr 2052, second Dec 2056$331,827
New conventional · ends Dec 2056$953,646