Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,681/mo
Lowest payment- Down payment
- $67,336
- Funds due
- $77,906
- Interest + MI left
- $136,662
- First ends
- Apr 2052
Assumption
Assumption + second
$1,947/mo
+$266/mo- Down payment
- $34,336
- Funds due
- $46,164
- Interest + MI left
- $199,251
- First ends
- Apr 2052
New loan
New conventional
$2,513/mo
+$832/mo- Down payment
- $34,336
- Funds due
- $42,447
- Interest + MI left
- $461,983
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $271,664 | $271,664 | $304,664 |
| Second mortgage | — | $33,000 | — |
| First P&I | $1,338.77 | $1,338.77 | $2,109.43 |
| Second P&I | — | $265.53 | — |
| Mortgage insurance | — | — | $60.93 |
| Taxes, insurance & HOA | $342.58 | $342.58 | $342.58 |
| Total housing payment | $1,681.36 | $1,946.88 | $2,512.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,336
Closing costs & prepaids$11,828
Usable credit−$0
Total buyer cash needed$46,164
Earnest money paid−$0
Remaining funds due$46,164
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,390.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,358.32
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)$157.75
Initial HOA (3 months)$420.00
Prepaid interest, first (1 days)$25.68
Prepaid interest, second (1 days)$8.14
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$45,297Through Nov 2026
Assumption only · ends Apr 2052$136,662
Assumption + second · ends Apr 2052, second Dec 2056$199,251
New conventional · ends Dec 2056$461,983