Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,673/mo
Lowest payment- Down payment
- $54,835
- Funds due
- $68,746
- Interest + MI left
- $199,431
- First ends
- Apr 2052
Assumption
Assumption + second
$2,969/mo
+$296/mo- Down payment
- $25,835
- Funds due
- $41,006
- Interest + MI left
- $276,815
- First ends
- Apr 2052
New loan
New conventional
$3,938/mo
+$1,264/mo- Down payment
- $25,835
- Funds due
- $36,527
- Interest + MI left
- $721,569
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $445,165 | $445,165 | $474,165 |
| Second mortgage | — | $29,000 | — |
| First P&I | $2,113.43 | $2,113.43 | $3,283.02 |
| Second P&I | — | $295.51 | — |
| Mortgage insurance | — | — | $94.83 |
| Taxes, insurance & HOA | $559.75 | $559.75 | $559.75 |
| Total housing payment | $2,673.18 | $2,968.69 | $3,937.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,835
Closing costs & prepaids$15,170
Usable credit−$0
Total buyer cash needed$41,006
Earnest money paid−$0
Remaining funds due$41,006
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,225.82
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)$705.25
Initial HOA (3 months)$474.00
Prepaid interest, first (1 days)$37.93
Prepaid interest, second (1 days)$9.43
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 3.110%
Interest already paid$67,103Through Nov 2026
Assumption only · ends Apr 2052$199,431
Assumption + second · ends Apr 2052, second Dec 2056$276,815
New conventional · ends Dec 2056$721,569