Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,918/mo
Lowest payment- Down payment
- $61,923
- Funds due
- $76,331
- Interest + MI left
- $259,556
- First ends
- Apr 2052
Assumption
Assumption + second
$3,254/mo
+$336/mo- Down payment
- $28,923
- Funds due
- $44,592
- Interest + MI left
- $347,613
- First ends
- Apr 2052
New loan
New conventional
$4,217/mo
+$1,299/mo- Down payment
- $28,923
- Funds due
- $39,818
- Interest + MI left
- $808,176
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $498,077 | $498,077 | $531,077 |
| Second mortgage | — | $33,000 | — |
| First P&I | $2,484.04 | $2,484.04 | $3,677.07 |
| Second P&I | — | $336.27 | — |
| Mortgage insurance | — | — | $106.22 |
| Taxes, insurance & HOA | $433.75 | $433.75 | $433.75 |
| Total housing payment | $2,917.79 | $3,254.06 | $4,217.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,923
Closing costs & prepaids$15,669
Usable credit−$0
Total buyer cash needed$44,592
Earnest money paid−$0
Remaining funds due$44,592
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,490.38
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)$519.25
Initial HOA (3 months)$282.00
Prepaid interest, first (1 days)$48.58
Prepaid interest, second (1 days)$10.74
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 3.560%
Interest already paid$85,619Through Nov 2026
Assumption only · ends Apr 2052$259,556
Assumption + second · ends Apr 2052, second Dec 2056$347,613
New conventional · ends Dec 2056$808,176