Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,678/mo
Lowest payment- Down payment
- $51,505
- Funds due
- $65,197
- Interest + MI left
- $218,072
- First ends
- Apr 2052
Assumption
Assumption + second
$2,953/mo
+$275/mo- Down payment
- $24,505
- Funds due
- $39,465
- Interest + MI left
- $290,119
- First ends
- Apr 2052
New loan
New conventional
$3,822/mo
+$1,144/mo- Down payment
- $24,505
- Funds due
- $35,096
- Interest + MI left
- $700,858
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $433,495 | $433,495 | $460,495 |
| Second mortgage | — | $27,000 | — |
| First P&I | $2,136.28 | $2,136.28 | $3,188.37 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | — | — | $92.10 |
| Taxes, insurance & HOA | $541.50 | $541.50 | $541.50 |
| Total housing payment | $2,677.78 | $2,952.91 | $3,821.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,505
Closing costs & prepaids$14,959
Usable credit−$0
Total buyer cash needed$39,465
Earnest money paid−$0
Remaining funds due$39,465
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,167.47
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)$1,124.50
Prepaid interest, first (2 days)$81.95
Prepaid interest, second (2 days)$17.57
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$72,280Through Nov 2026
Assumption only · ends Apr 2052$218,072
Assumption + second · ends Apr 2052, second Dec 2056$290,119
New conventional · ends Dec 2056$700,858