Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,277/mo
Lowest payment- Down payment
- $109,473
- Funds due
- $122,510
- Interest + MI left
- $176,334
- First ends
- Apr 2052
Assumption
Assumption + second
$2,784/mo
+$507/mo- Down payment
- $46,473
- Funds due
- $60,791
- Interest + MI left
- $295,823
- First ends
- Apr 2052
New loan
New conventional
$3,496/mo
+$1,218/mo- Down payment
- $46,473
- Funds due
- $56,601
- Interest + MI left
- $627,059
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $350,527 | $350,527 | $413,527 |
| Second mortgage | — | $63,000 | — |
| First P&I | $1,727.41 | $1,727.41 | $2,863.18 |
| Second P&I | — | $506.91 | — |
| Mortgage insurance | — | — | $82.71 |
| Taxes, insurance & HOA | $550.00 | $550.00 | $550.00 |
| Total housing payment | $2,277.41 | $2,784.32 | $3,495.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,473
Closing costs & prepaids$14,318
Usable credit−$0
Total buyer cash needed$60,791
Earnest money paid−$0
Remaining funds due$60,791
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,752.63
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)$1,150.00
Prepaid interest, first (2 days)$66.26
Prepaid interest, second (2 days)$31.07
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$58,446Through Nov 2026
Assumption only · ends Apr 2052$176,334
Assumption + second · ends Apr 2052, second Dec 2056$295,823
New conventional · ends Dec 2056$627,059