Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,954/mo
Lowest payment- Down payment
- $67,450
- Funds due
- $78,866
- Interest + MI left
- $139,623
- First ends
- Apr 2052
Assumption
Assumption + second
$2,211/mo
+$257/mo- Down payment
- $35,450
- Funds due
- $48,132
- Interest + MI left
- $200,316
- First ends
- Apr 2052
New loan
New conventional
$2,791/mo
+$837/mo- Down payment
- $35,450
- Funds due
- $44,405
- Interest + MI left
- $469,330
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $277,550 | $277,550 | $309,550 |
| Second mortgage | — | $32,000 | — |
| First P&I | $1,367.78 | $1,367.78 | $2,143.26 |
| Second P&I | — | $257.48 | — |
| Mortgage insurance | — | — | $61.91 |
| Taxes, insurance & HOA | $586.17 | $586.17 | $586.17 |
| Total housing payment | $1,953.95 | $2,211.43 | $2,791.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,450
Closing costs & prepaids$12,683
Usable credit−$0
Total buyer cash needed$48,132
Earnest money paid−$0
Remaining funds due$48,132
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,387.75
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)$183.50
Initial HOA (3 months)$1,125.00
Prepaid interest, first (2 days)$52.47
Prepaid interest, second (2 days)$15.78
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$46,278Through Nov 2026
Assumption only · ends Apr 2052$139,623
Assumption + second · ends Apr 2052, second Dec 2056$200,316
New conventional · ends Dec 2056$469,330