Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,056/mo
Lowest payment- Down payment
- $232,595
- Funds due
- $242,897
- Interest + MI left
- $64,092
- First ends
- Apr 2052
Assumption
Assumption + second
$2,494/mo
+$1,438/mo- Down payment
- $36,595
- Funds due
- $48,190
- Interest + MI left
- $385,836
- First ends
- Apr 2052
New loan
New conventional
$2,732/mo
+$1,676/mo- Down payment
- $36,595
- Funds due
- $45,154
- Interest + MI left
- $490,401
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $127,405 | $127,405 | $323,405 |
| Second mortgage | — | $196,000 | — |
| First P&I | $627.86 | $627.86 | $2,239.19 |
| Second P&I | — | $1,438.18 | — |
| Mortgage insurance | — | — | $64.68 |
| Taxes, insurance & HOA | $428.25 | $428.25 | $428.25 |
| Total housing payment | $1,056.11 | $2,494.29 | $2,732.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,595
Closing costs & prepaids$11,595
Usable credit−$0
Total buyer cash needed$48,190
Earnest money paid−$0
Remaining funds due$48,190
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$637.03
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)$624.75
Initial HOA (3 months)$210.00
Prepaid interest, first (1 days)$12.04
Prepaid interest, second (1 days)$42.96
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$21,243Through Nov 2026
Assumption only · ends Apr 2052$64,092
Assumption + second · ends Apr 2052, second Dec 2056$385,836
New conventional · ends Dec 2056$490,401