Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,885/mo
Lowest payment- Down payment
- $206,587
- Funds due
- $226,914
- Interest + MI left
- $281,776
- First ends
- Feb 2052
Assumption
Assumption + second
$4,737/mo
+$851/mo- Down payment
- $90,587
- Funds due
- $112,316
- Interest + MI left
- $472,196
- First ends
- Feb 2052
New loan
New conventional
$6,298/mo
+$2,412/mo- Down payment
- $90,587
- Funds due
- $106,379
- Interest + MI left
- $1,182,034
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $692,413 | $692,413 | $808,413 |
| Second mortgage | — | $116,000 | — |
| First P&I | $3,225.79 | $3,225.79 | $5,476.47 |
| Second P&I | — | $851.17 | — |
| Mortgage insurance | — | — | $161.68 |
| Taxes, insurance & HOA | $659.58 | $659.58 | $659.58 |
| Total housing payment | $3,885.37 | $4,736.54 | $6,297.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$90,587
Closing costs & prepaids$21,729
Usable credit−$0
Total buyer cash needed$112,316
Earnest money paid−$0
Remaining funds due$112,316
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,462.07
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$1,078.75
Initial HOA (3 months)$249.99
Prepaid interest, first (6 days)$327.81
Prepaid interest, second (6 days)$152.55
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 2 moOf the original 30-year loan at 2.88%
Interest already paid$102,509Through Dec 2026
Assumption only · ends Feb 2052$281,776
Assumption + second · ends Feb 2052, second Jan 2057$472,196
New conventional · ends Jan 2057$1,182,034