Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,550/mo
Lowest payment- Down payment
- $71,220
- Funds due
- $85,091
- Interest + MI left
- $196,606
- First ends
- Jan 2052
Assumption
Assumption + second
$3,008/mo
+$459/mo- Down payment
- $26,220
- Funds due
- $41,429
- Interest + MI left
- $316,684
- First ends
- Jan 2052
New loan
New conventional
$3,860/mo
+$1,311/mo- Down payment
- $26,220
- Funds due
- $37,135
- Interest + MI left
- $729,057
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $451,780 | $451,780 | $496,780 |
| Second mortgage | — | $45,000 | — |
| First P&I | $2,154.10 | $2,154.10 | $3,365.36 |
| Second P&I | — | $458.55 | — |
| Mortgage insurance | — | — | $99.36 |
| Taxes, insurance & HOA | $395.41 | $395.41 | $395.41 |
| Total housing payment | $2,549.52 | $3,008.07 | $3,860.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,220
Closing costs & prepaids$15,209
Usable credit−$0
Total buyer cash needed$41,429
Earnest money paid−$0
Remaining funds due$41,429
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,230.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,258.90
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)$627.50
Initial HOA (3 months)$58.74
Prepaid interest, first (6 days)$227.99
Prepaid interest, second (6 days)$87.84
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$72,487Through Dec 2026
Assumption only · ends Jan 2052$196,606
Assumption + second · ends Jan 2052, second Jan 2057$316,684
New conventional · ends Jan 2057$729,057