Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,550/mo
Lowest payment- Down payment
- $187,435
- Funds due
- $201,997
- Interest + MI left
- $240,283
- First ends
- Apr 2052
Assumption
Assumption + second
$3,445/mo
+$895/mo- Down payment
- $65,435
- Funds due
- $81,274
- Interest + MI left
- $440,552
- First ends
- Apr 2052
New loan
New conventional
$4,410/mo
+$1,860/mo- Down payment
- $65,435
- Funds due
- $76,310
- Interest + MI left
- $886,517
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $462,555 | $462,555 | $584,555 |
| Second mortgage | — | $122,000 | — |
| First P&I | $2,304.39 | $2,304.39 | $4,047.34 |
| Second P&I | — | $895.19 | — |
| Mortgage insurance | — | — | $116.91 |
| Taxes, insurance & HOA | $245.33 | $245.33 | $245.33 |
| Total housing payment | $2,549.72 | $3,444.91 | $4,409.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,435
Closing costs & prepaids$15,838
Usable credit−$0
Total buyer cash needed$81,274
Earnest money paid−$0
Remaining funds due$81,274
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,499.90
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,312.77
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)$236.00
Prepaid interest, first (1 days)$44.99
Prepaid interest, second (1 days)$26.74
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 3.550%
Interest already paid$79,296Through Nov 2026
Assumption only · ends Apr 2052$240,283
Assumption + second · ends Apr 2052, second Dec 2056$440,552
New conventional · ends Dec 2056$886,517