Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,587/mo
Lowest payment- Down payment
- $90,534
- Funds due
- $104,719
- Interest + MI left
- $199,951
- First ends
- Jan 2052
Assumption
Assumption + second
$2,868/mo
+$282/mo- Down payment
- $55,534
- Funds due
- $71,021
- Interest + MI left
- $266,333
- First ends
- Jan 2052
New loan
New conventional
$3,844/mo
+$1,258/mo- Down payment
- $55,534
- Funds due
- $66,425
- Interest + MI left
- $722,991
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $459,466 | $459,466 | $494,466 |
| Second mortgage | — | $35,000 | — |
| First P&I | $2,190.75 | $2,190.75 | $3,349.68 |
| Second P&I | — | $281.62 | — |
| Mortgage insurance | — | — | $98.89 |
| Taxes, insurance & HOA | $395.84 | $395.84 | $395.84 |
| Total housing payment | $2,586.59 | $2,868.21 | $3,844.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,534
Closing costs & prepaids$15,486
Usable credit−$0
Total buyer cash needed$71,021
Earnest money paid−$0
Remaining funds due$71,021
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,297.33
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)$660.00
Initial HOA (3 months)$27.51
Prepaid interest, first (6 days)$231.87
Prepaid interest, second (6 days)$51.78
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$73,720Through Dec 2026
Assumption only · ends Jan 2052$199,951
Assumption + second · ends Jan 2052, second Jan 2057$266,333
New conventional · ends Jan 2057$722,991