Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,312/mo
Lowest payment- Down payment
- $51,158
- Funds due
- $63,711
- Interest + MI left
- $173,456
- First ends
- Apr 2052
Assumption
Assumption + second
$2,607/mo
+$296/mo- Down payment
- $22,158
- Funds due
- $35,999
- Interest + MI left
- $250,840
- First ends
- Apr 2052
New loan
New conventional
$3,302/mo
+$990/mo- Down payment
- $22,158
- Funds due
- $32,009
- Interest + MI left
- $584,179
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $373,842 | $373,842 | $402,842 |
| Second mortgage | — | $29,000 | — |
| First P&I | $1,800.32 | $1,800.32 | $2,709.94 |
| Second P&I | — | $295.51 | — |
| Mortgage insurance | — | — | $80.57 |
| Taxes, insurance & HOA | $511.25 | $511.25 | $511.25 |
| Total housing payment | $2,311.57 | $2,607.08 | $3,301.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,158
Closing costs & prepaids$13,841
Usable credit−$0
Total buyer cash needed$35,999
Earnest money paid−$0
Remaining funds due$35,999
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,869.21
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)$1,083.75
Prepaid interest, first (4 days)$131.92
Prepaid interest, second (4 days)$37.74
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 3.22%
Interest already paid$59,420Through Dec 2026
Assumption only · ends Apr 2052$173,456
Assumption + second · ends Apr 2052, second Jan 2057$250,840
New conventional · ends Jan 2057$584,179