Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,614/mo
Lowest payment- Down payment
- $95,322
- Funds due
- $105,985
- Interest + MI left
- $125,602
- First ends
- Apr 2052
Assumption
Assumption + second
$2,097/mo
+$483/mo- Down payment
- $35,322
- Funds due
- $47,265
- Interest + MI left
- $239,401
- First ends
- Apr 2052
New loan
New conventional
$2,589/mo
+$976/mo- Down payment
- $35,322
- Funds due
- $43,669
- Interest + MI left
- $469,586
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $249,678 | $249,678 | $309,678 |
| Second mortgage | — | $60,000 | — |
| First P&I | $1,230.43 | $1,230.43 | $2,144.15 |
| Second P&I | — | $482.77 | — |
| Mortgage insurance | — | — | $61.94 |
| Taxes, insurance & HOA | $383.34 | $383.34 | $383.34 |
| Total housing payment | $1,613.76 | $2,096.54 | $2,589.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,322
Closing costs & prepaids$11,943
Usable credit−$0
Total buyer cash needed$47,265
Earnest money paid−$0
Remaining funds due$47,265
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%)$1,248.39
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)$461.00
Initial HOA (3 months)$239.01
Prepaid interest, first (2 days)$47.20
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$41,631Through Nov 2026
Assumption only · ends Apr 2052$125,602
Assumption + second · ends Apr 2052, second Dec 2056$239,401
New conventional · ends Dec 2056$469,586