Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,585/mo
Lowest payment- Down payment
- $47,612
- Funds due
- $57,825
- Interest + MI left
- $89,893
- First ends
- Apr 2052
Assumption
Assumption + second
$1,941/mo
+$357/mo- Down payment
- $12,612
- Funds due
- $24,121
- Interest + MI left
- $183,287
- First ends
- Apr 2052
New loan
New conventional
$2,264/mo
+$679/mo- Down payment
- $12,612
- Funds due
- $21,015
- Interest + MI left
- $342,844
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $201,388 | $201,388 | $236,388 |
| Second mortgage | — | $35,000 | — |
| First P&I | $958.16 | $958.16 | $1,590.20 |
| Second P&I | — | $356.65 | — |
| Mortgage insurance | — | — | $47.28 |
| Taxes, insurance & HOA | $626.67 | $626.67 | $626.67 |
| Total housing payment | $1,584.83 | $1,941.48 | $2,264.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$12,612
Closing costs & prepaids$11,509
Usable credit−$0
Total buyer cash needed$24,121
Earnest money paid−$0
Remaining funds due$24,121
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,006.94
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)$635.00
Initial HOA (3 months)$795.00
Prepaid interest, first (4 days)$68.64
Prepaid interest, second (4 days)$45.55
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 3.11%
Interest already paid$30,945Through Dec 2026
Assumption only · ends Apr 2052$89,893
Assumption + second · ends Apr 2052, second Jan 2057$183,287
New conventional · ends Jan 2057$342,844