Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,841/mo
Lowest payment- Down payment
- $117,317
- Funds due
- $132,121
- Interest + MI left
- $227,725
- First ends
- Apr 2052
Assumption
Assumption + second
$3,324/mo
+$483/mo- Down payment
- $57,317
- Funds due
- $73,386
- Interest + MI left
- $341,523
- First ends
- Apr 2052
New loan
New conventional
$4,262/mo
+$1,421/mo- Down payment
- $57,317
- Funds due
- $68,553
- Interest + MI left
- $777,518
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $452,683 | $452,683 | $512,683 |
| Second mortgage | — | $60,000 | — |
| First P&I | $2,230.85 | $2,230.85 | $3,549.71 |
| Second P&I | — | $482.77 | — |
| Mortgage insurance | — | — | $102.54 |
| Taxes, insurance & HOA | $609.92 | $609.92 | $609.92 |
| Total housing payment | $2,840.76 | $3,323.54 | $4,262.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,317
Closing costs & prepaids$16,069
Usable credit−$0
Total buyer cash needed$73,386
Earnest money paid−$0
Remaining funds due$73,386
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,700.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,263.42
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)$1,029.75
Initial HOA (3 months)$300.00
Prepaid interest, first (1 days)$42.79
Prepaid interest, second (1 days)$14.79
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 3.450%
Interest already paid$75,480Through Nov 2026
Assumption only · ends Apr 2052$227,725
Assumption + second · ends Apr 2052, second Dec 2056$341,523
New conventional · ends Dec 2056$777,518