Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,028/mo
Lowest payment- Down payment
- $45,076
- Funds due
- $56,507
- Interest + MI left
- $162,940
- First ends
- Apr 2052
Assumption
Assumption + second
$2,303/mo
+$275/mo- Down payment
- $18,076
- Funds due
- $30,792
- Interest + MI left
- $234,987
- First ends
- Apr 2052
New loan
New conventional
$2,824/mo
+$796/mo- Down payment
- $18,076
- Funds due
- $27,103
- Interest + MI left
- $495,762
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $314,824 | $314,824 | $341,824 |
| Second mortgage | — | $27,000 | — |
| First P&I | $1,571.59 | $1,571.59 | $2,299.47 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | — | — | $68.36 |
| Taxes, insurance & HOA | $455.92 | $455.92 | $455.92 |
| Total housing payment | $2,027.51 | $2,302.64 | $2,823.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,076
Closing costs & prepaids$12,716
Usable credit−$0
Total buyer cash needed$30,792
Earnest money paid−$0
Remaining funds due$30,792
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,599.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,574.12
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)$917.75
Prepaid interest, first (4 days)$122.48
Prepaid interest, second (4 days)$35.14
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 3.55%
Interest already paid$55,013Through Dec 2026
Assumption only · ends Apr 2052$162,940
Assumption + second · ends Apr 2052, second Jan 2057$234,987
New conventional · ends Jan 2057$495,762