Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,388/mo
Lowest payment- Down payment
- $110,142
- Funds due
- $123,533
- Interest + MI left
- $193,605
- First ends
- Apr 2052
Assumption
Assumption + second
$2,871/mo
+$483/mo- Down payment
- $50,142
- Funds due
- $64,812
- Interest + MI left
- $307,403
- First ends
- Apr 2052
New loan
New conventional
$3,661/mo
+$1,272/mo- Down payment
- $50,142
- Funds due
- $60,421
- Interest + MI left
- $674,568
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $384,858 | $384,858 | $444,858 |
| Second mortgage | — | $60,000 | — |
| First P&I | $1,896.60 | $1,896.60 | $3,080.11 |
| Second P&I | — | $482.77 | — |
| Mortgage insurance | — | — | $88.97 |
| Taxes, insurance & HOA | $491.83 | $491.83 | $491.83 |
| Total housing payment | $2,388.43 | $2,871.20 | $3,660.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,142
Closing costs & prepaids$14,670
Usable credit−$0
Total buyer cash needed$64,812
Earnest money paid−$0
Remaining funds due$64,812
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%)$1,924.29
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)$717.50
Initial HOA (3 months)$258.00
Prepaid interest, first (2 days)$72.75
Prepaid interest, second (2 days)$29.59
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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$64,171Through Nov 2026
Assumption only · ends Apr 2052$193,605
Assumption + second · ends Apr 2052, second Dec 2056$307,403
New conventional · ends Dec 2056$674,568