Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,565/mo
Lowest payment- Down payment
- $85,233
- Funds due
- $102,012
- Interest + MI left
- $330,776
- First ends
- Apr 2052
Assumption
Assumption + second
$4,085/mo
+$520/mo- Down payment
- $34,233
- Funds due
- $52,411
- Interest + MI left
- $466,865
- First ends
- Apr 2052
New loan
New conventional
$4,969/mo
+$1,404/mo- Down payment
- $34,233
- Funds due
- $47,541
- Interest + MI left
- $925,566
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $579,767 | $579,767 | $630,767 |
| Second mortgage | — | $51,000 | — |
| First P&I | $2,995.21 | $2,995.21 | $4,273.04 |
| Second P&I | — | $519.69 | — |
| Mortgage insurance | — | — | $126.15 |
| Taxes, insurance & HOA | $569.67 | $569.67 | $569.67 |
| Total housing payment | $3,564.88 | $4,084.57 | $4,968.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,233
Closing costs & prepaids$18,178
Usable credit−$0
Total buyer cash needed$52,411
Earnest money paid−$0
Remaining funds due$52,411
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,898.84
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)$798.00
Initial HOA (3 months)$411.00
Prepaid interest, first (9 days)$553.24
Prepaid interest, second (9 days)$149.33
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 4 moOf the original 30-year loan at 3.87%
Interest already paid$110,154Through Dec 2026
Assumption only · ends Apr 2052$330,776
Assumption + second · ends Apr 2052, second Jan 2057$466,865
New conventional · ends Jan 2057$925,566