Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,320/mo
Lowest payment- Down payment
- $62,329
- Funds due
- $74,944
- Interest + MI left
- $214,370
- First ends
- Apr 2052
Assumption
Assumption + second
$2,708/mo
+$387/mo- Down payment
- $24,329
- Funds due
- $38,206
- Interest + MI left
- $315,769
- First ends
- Apr 2052
New loan
New conventional
$3,475/mo
+$1,155/mo- Down payment
- $24,329
- Funds due
- $33,896
- Interest + MI left
- $685,816
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $412,671 | $412,671 | $450,671 |
| Second mortgage | — | $38,000 | — |
| First P&I | $2,055.87 | $2,055.87 | $3,120.35 |
| Second P&I | — | $387.22 | — |
| Mortgage insurance | — | — | $90.13 |
| Taxes, insurance & HOA | $264.58 | $264.58 | $264.58 |
| Total housing payment | $2,320.46 | $2,707.68 | $3,475.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,329
Closing costs & prepaids$13,878
Usable credit−$0
Total buyer cash needed$38,206
Earnest money paid−$0
Remaining funds due$38,206
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,063.36
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)$293.75
Prepaid interest, first (1 days)$40.14
Prepaid interest, second (1 days)$12.36
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$70,744Through Nov 2026
Assumption only · ends Apr 2052$214,370
Assumption + second · ends Apr 2052, second Dec 2056$315,769
New conventional · ends Dec 2056$685,816