Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,442/mo
Lowest payment- Down payment
- $69,393
- Funds due
- $82,511
- Interest + MI left
- $214,104
- First ends
- Apr 2052
Assumption
Assumption + second
$2,890/mo
+$448/mo- Down payment
- $25,393
- Funds due
- $39,776
- Interest + MI left
- $331,514
- First ends
- Apr 2052
New loan
New conventional
$3,690/mo
+$1,248/mo- Down payment
- $25,393
- Funds due
- $35,392
- Interest + MI left
- $714,633
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $425,607 | $425,607 | $469,607 |
| Second mortgage | — | $44,000 | — |
| First P&I | $2,097.41 | $2,097.41 | $3,251.46 |
| Second P&I | — | $448.36 | — |
| Mortgage insurance | — | — | $93.92 |
| Taxes, insurance & HOA | $344.17 | $344.17 | $344.17 |
| Total housing payment | $2,441.58 | $2,889.94 | $3,689.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,393
Closing costs & prepaids$14,383
Usable credit−$0
Total buyer cash needed$39,776
Earnest money paid−$0
Remaining funds due$39,776
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,128.04
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)$382.50
Initial HOA (3 months)$150.00
Prepaid interest, first (1 days)$40.23
Prepaid interest, second (1 days)$14.32
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$70,965Through Nov 2026
Assumption only · ends Apr 2052$214,104
Assumption + second · ends Apr 2052, second Dec 2056$331,514
New conventional · ends Dec 2056$714,633