Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,545/mo
Lowest payment- Down payment
- $174,865
- Funds due
- $189,590
- Interest + MI left
- $179,258
- First ends
- Apr 2052
Assumption
Assumption + second
$3,404/mo
+$859/mo- Down payment
- $57,865
- Funds due
- $73,891
- Interest + MI left
- $371,319
- First ends
- Apr 2052
New loan
New conventional
$4,330/mo
+$1,784/mo- Down payment
- $57,865
- Funds due
- $69,359
- Interest + MI left
- $784,270
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $400,135 | $400,135 | $517,135 |
| Second mortgage | — | $117,000 | — |
| First P&I | $1,899.65 | $1,899.65 | $3,580.54 |
| Second P&I | — | $858.50 | — |
| Mortgage insurance | — | — | $103.43 |
| Taxes, insurance & HOA | $645.83 | $645.83 | $645.83 |
| Total housing payment | $2,545.48 | $3,403.99 | $4,329.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,865
Closing costs & prepaids$16,026
Usable credit−$0
Total buyer cash needed$73,891
Earnest money paid−$0
Remaining funds due$73,891
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,000.67
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)$1,437.50
Prepaid interest, first (2 days)$68.19
Prepaid interest, second (2 days)$51.29
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 3.110%
Interest already paid$60,315Through Nov 2026
Assumption only · ends Apr 2052$179,258
Assumption + second · ends Apr 2052, second Dec 2056$371,319
New conventional · ends Dec 2056$784,270