Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,627/mo
Lowest payment- Down payment
- $80,309
- Funds due
- $94,096
- Interest + MI left
- $220,937
- First ends
- Apr 2052
Assumption
Assumption + second
$2,852/mo
+$225/mo- Down payment
- $52,309
- Funds due
- $67,353
- Interest + MI left
- $274,043
- First ends
- Apr 2052
New loan
New conventional
$3,790/mo
+$1,164/mo- Down payment
- $52,309
- Funds due
- $62,637
- Interest + MI left
- $708,527
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $439,191 | $439,191 | $467,191 |
| Second mortgage | — | $28,000 | — |
| First P&I | $2,164.35 | $2,164.35 | $3,234.74 |
| Second P&I | — | $225.29 | — |
| Mortgage insurance | — | — | $93.44 |
| Taxes, insurance & HOA | $462.17 | $462.17 | $462.17 |
| Total housing payment | $2,626.52 | $2,851.81 | $3,790.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,309
Closing costs & prepaids$15,044
Usable credit−$0
Total buyer cash needed$67,353
Earnest money paid−$0
Remaining funds due$67,353
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,195.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,195.95
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)$646.50
Initial HOA (3 months)$240.00
Prepaid interest, first (1 days)$41.51
Prepaid interest, second (1 days)$6.90
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$73,230Through Nov 2026
Assumption only · ends Apr 2052$220,937
Assumption + second · ends Apr 2052, second Dec 2056$274,043
New conventional · ends Dec 2056$708,527