Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,473/mo
Lowest payment- Down payment
- $84,111
- Funds due
- $100,189
- Interest + MI left
- $332,650
- First ends
- Apr 2052
Assumption
Assumption + second
$3,982/mo
+$510/mo- Down payment
- $34,111
- Funds due
- $51,472
- Interest + MI left
- $466,070
- First ends
- Apr 2052
New loan
New conventional
$4,972/mo
+$1,499/mo- Down payment
- $34,111
- Funds due
- $46,284
- Interest + MI left
- $960,066
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $580,889 | $580,889 | $630,889 |
| Second mortgage | — | $50,000 | — |
| First P&I | $2,995.21 | $2,995.21 | $4,368.15 |
| Second P&I | — | $509.50 | — |
| Mortgage insurance | — | — | $126.18 |
| Taxes, insurance & HOA | $477.67 | $477.67 | $477.67 |
| Total housing payment | $3,472.88 | $3,982.38 | $4,971.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,111
Closing costs & prepaids$17,361
Usable credit−$0
Total buyer cash needed$51,472
Earnest money paid−$0
Remaining funds due$51,472
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,904.45
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)$522.00
Initial HOA (3 months)$411.00
Prepaid interest, first (2 days)$123.18
Prepaid interest, second (2 days)$32.53
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 3.870%
Interest already paid$108,281Through Nov 2026
Assumption only · ends Apr 2052$332,650
Assumption + second · ends Apr 2052, second Dec 2056$466,070
New conventional · ends Dec 2056$960,066