Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,448/mo
Lowest payment- Down payment
- $49,519
- Funds due
- $62,097
- Interest + MI left
- $214,594
- First ends
- Apr 2052
Assumption
Assumption + second
$2,723/mo
+$275/mo- Down payment
- $22,519
- Funds due
- $36,355
- Interest + MI left
- $286,641
- First ends
- Apr 2052
New loan
New conventional
$3,457/mo
+$1,009/mo- Down payment
- $22,519
- Funds due
- $32,147
- Interest + MI left
- $642,918
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $395,481 | $395,481 | $422,481 |
| Second mortgage | — | $27,000 | — |
| First P&I | $2,000.24 | $2,000.24 | $2,925.17 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | — | — | $84.50 |
| Taxes, insurance & HOA | $447.42 | $447.42 | $447.42 |
| Total housing payment | $2,447.66 | $2,722.79 | $3,457.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,519
Closing costs & prepaids$13,836
Usable credit−$0
Total buyer cash needed$36,355
Earnest money paid−$0
Remaining funds due$36,355
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,977.40
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)$833.75
Initial HOA (3 months)$58.50
Prepaid interest, first (1 days)$39.98
Prepaid interest, second (1 days)$8.78
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 3.690%
Interest already paid$70,391Through Nov 2026
Assumption only · ends Apr 2052$214,594
Assumption + second · ends Apr 2052, second Dec 2056$286,641
New conventional · ends Dec 2056$642,918