Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,131/mo
Lowest payment- Down payment
- $108,478
- Funds due
- $124,583
- Interest + MI left
- $234,031
- First ends
- Apr 2052
Assumption
Assumption + second
$3,461/mo
+$330/mo- Down payment
- $67,478
- Funds due
- $84,844
- Interest + MI left
- $311,794
- First ends
- Apr 2052
New loan
New conventional
$4,827/mo
+$1,695/mo- Down payment
- $67,478
- Funds due
- $79,371
- Interest + MI left
- $918,315
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $564,522 | $564,522 | $605,522 |
| Second mortgage | — | $41,000 | — |
| First P&I | $2,618.21 | $2,618.21 | $4,192.51 |
| Second P&I | — | $329.90 | — |
| Mortgage insurance | — | — | $121.10 |
| Taxes, insurance & HOA | $513.25 | $513.25 | $513.25 |
| Total housing payment | $3,131.46 | $3,461.35 | $4,826.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$67,478
Closing costs & prepaids$17,365
Usable credit−$0
Total buyer cash needed$84,844
Earnest money paid−$0
Remaining funds due$84,844
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,730.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,822.61
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)$634.75
Initial HOA (3 months)$405.00
Prepaid interest, first (1 days)$44.85
Prepaid interest, second (1 days)$10.11
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$79,494Through Nov 2026
Assumption only · ends Apr 2052$234,031
Assumption + second · ends Apr 2052, second Dec 2056$311,794
New conventional · ends Dec 2056$918,315