Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,041/mo
Lowest payment- Down payment
- $146,318
- Funds due
- $158,953
- Interest + MI left
- $165,467
- First ends
- Apr 2052
Assumption
Assumption + second
$2,838/mo
+$797/mo- Down payment
- $47,318
- Funds due
- $61,251
- Interest + MI left
- $353,235
- First ends
- Apr 2052
New loan
New conventional
$3,429/mo
+$1,388/mo- Down payment
- $47,318
- Funds due
- $57,201
- Interest + MI left
- $633,132
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $318,532 | $318,532 | $417,532 |
| Second mortgage | — | $99,000 | — |
| First P&I | $1,586.88 | $1,586.88 | $2,890.91 |
| Second P&I | — | $796.58 | — |
| Mortgage insurance | — | — | $83.51 |
| Taxes, insurance & HOA | $454.33 | $454.33 | $454.33 |
| Total housing payment | $2,041.21 | $2,837.79 | $3,428.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,318
Closing costs & prepaids$13,933
Usable credit−$0
Total buyer cash needed$61,251
Earnest money paid−$0
Remaining funds due$61,251
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,648.50
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,592.66
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)$593.00
Initial HOA (3 months)$270.00
Prepaid interest, first (2 days)$61.96
Prepaid interest, second (2 days)$48.82
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 3.550%
Interest already paid$54,606Through Nov 2026
Assumption only · ends Apr 2052$165,467
Assumption + second · ends Apr 2052, second Dec 2056$353,235
New conventional · ends Dec 2056$633,132