Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,504/mo
Lowest payment- Down payment
- $135,538
- Funds due
- $153,194
- Interest + MI left
- $316,952
- First ends
- Mar 2052
Assumption
Assumption + second
$4,011/mo
+$507/mo- Down payment
- $72,538
- Funds due
- $91,537
- Interest + MI left
- $436,440
- First ends
- Mar 2052
New loan
New conventional
$5,060/mo
+$1,555/mo- Down payment
- $72,538
- Funds due
- $86,145
- Interest + MI left
- $952,545
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $588,462 | $588,462 | $651,462 |
| Second mortgage | — | $63,000 | — |
| First P&I | $2,988.16 | $2,988.16 | $4,413.23 |
| Second P&I | — | $506.91 | — |
| Mortgage insurance | — | — | $130.29 |
| Taxes, insurance & HOA | $516.25 | $516.25 | $516.25 |
| Total housing payment | $3,504.41 | $4,011.33 | $5,059.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$72,538
Closing costs & prepaids$18,999
Usable credit−$0
Total buyer cash needed$91,537
Earnest money paid−$0
Remaining funds due$91,537
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,240.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,942.31
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)$868.75
Initial HOA (3 months)$30.00
Prepaid interest, first (6 days)$356.95
Prepaid interest, second (6 days)$93.21
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 3 moOf the original 30-year loan at 3.69%
Interest already paid$108,788Through Dec 2026
Assumption only · ends Mar 2052$316,952
Assumption + second · ends Mar 2052, second Jan 2057$436,440
New conventional · ends Jan 2057$952,545