Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,129/mo
Lowest payment- Down payment
- $85,059
- Funds due
- $97,114
- Interest + MI left
- $166,199
- First ends
- Apr 2052
Assumption
Assumption + second
$2,483/mo
+$354/mo- Down payment
- $41,059
- Funds due
- $54,374
- Interest + MI left
- $249,652
- First ends
- Apr 2052
New loan
New conventional
$3,128/mo
+$999/mo- Down payment
- $41,059
- Funds due
- $50,353
- Interest + MI left
- $551,868
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $319,941 | $319,941 | $363,941 |
| Second mortgage | — | $44,000 | — |
| First P&I | $1,593.90 | $1,593.90 | $2,519.85 |
| Second P&I | — | $354.03 | — |
| Mortgage insurance | — | — | $72.79 |
| Taxes, insurance & HOA | $535.25 | $535.25 | $535.25 |
| Total housing payment | $2,129.15 | $2,483.19 | $3,127.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,059
Closing costs & prepaids$13,315
Usable credit−$0
Total buyer cash needed$54,374
Earnest money paid−$0
Remaining funds due$54,374
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,050.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,599.70
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)$715.50
Initial HOA (3 months)$440.25
Prepaid interest, first (1 days)$31.12
Prepaid interest, second (1 days)$10.85
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 3.550%
Interest already paid$54,848Through Nov 2026
Assumption only · ends Apr 2052$166,199
Assumption + second · ends Apr 2052, second Dec 2056$249,652
New conventional · ends Dec 2056$551,868