Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,341/mo
Lowest payment- Down payment
- $183,425
- Funds due
- $197,733
- Interest + MI left
- $174,714
- First ends
- Jan 2052
Assumption
Assumption + second
$3,251/mo
+$910/mo- Down payment
- $59,425
- Funds due
- $75,146
- Interest + MI left
- $378,267
- First ends
- Jan 2052
New loan
New conventional
$4,092/mo
+$1,751/mo- Down payment
- $59,425
- Funds due
- $70,756
- Interest + MI left
- $768,226
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $401,475 | $401,475 | $525,475 |
| Second mortgage | — | $124,000 | — |
| First P&I | $1,914.25 | $1,914.25 | $3,559.75 |
| Second P&I | — | $909.87 | — |
| Mortgage insurance | — | — | $105.10 |
| Taxes, insurance & HOA | $426.92 | $426.92 | $426.92 |
| Total housing payment | $2,341.17 | $3,251.03 | $4,091.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$59,425
Closing costs & prepaids$15,721
Usable credit−$0
Total buyer cash needed$75,146
Earnest money paid−$0
Remaining funds due$75,146
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,849.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,007.37
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)$702.00
Initial HOA (3 months)$78.75
Prepaid interest, first (6 days)$202.61
Prepaid interest, second (6 days)$163.07
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 1 moOf the original 30-year loan at 3.07%
Interest already paid$64,416Through Dec 2026
Assumption only · ends Jan 2052$174,714
Assumption + second · ends Jan 2052, second Jan 2057$378,267
New conventional · ends Jan 2057$768,226